Fortis Capital Management LLC Purchases 43,892 Shares of Arista Networks, Inc. (NYSE:ANET)

Fortis Capital Management LLC boosted its position in Arista Networks, Inc. (NYSE:ANET) by 391.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,110 shares of the technology company’s stock after acquiring an additional 43,892 shares during the quarter. Arista Networks accounts for 1.1% of Fortis Capital Management LLC’s holdings, making the stock its 20th largest holding. Fortis Capital Management LLC’s holdings in Arista Networks were worth $6,091,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Swedbank AB boosted its stake in shares of Arista Networks by 293.2% in the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock valued at $746,165,000 after purchasing an additional 5,034,022 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Arista Networks by 320.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock valued at $713,721,000 after buying an additional 4,919,882 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Arista Networks by 294.1% during the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock worth $678,308,000 after buying an additional 4,579,622 shares during the last quarter. WCM Investment Management LLC increased its holdings in shares of Arista Networks by 292.8% during the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock worth $674,627,000 after buying an additional 4,512,166 shares in the last quarter. Finally, Amundi lifted its stake in shares of Arista Networks by 196.3% in the 4th quarter. Amundi now owns 6,342,064 shares of the technology company’s stock valued at $732,493,000 after acquiring an additional 4,201,973 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now directly owns 163,784 shares of the company’s stock, valued at $18,263,553.84. This represents a 4.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,101,013.60. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock valued at $49,112,111 over the last ninety days. 3.54% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of research reports. Rosenblatt Securities restated a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a research report on Tuesday, February 18th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Morgan Stanley raised their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Piper Sandler reissued a “neutral” rating and set a $108.00 target price (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Finally, UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and raised their price target for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Trading Up 0.3 %

ANET stock opened at $83.26 on Friday. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58. The stock has a 50-day moving average price of $102.53 and a 200-day moving average price of $101.74. The firm has a market cap of $104.99 billion, a PE ratio of 37.50, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.