Arrowstreet Capital Limited Partnership Raises Position in Arista Networks, Inc. (NYSE:ANET)

Arrowstreet Capital Limited Partnership lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 2,734.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,415,621 shares of the technology company’s stock after buying an additional 5,224,540 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.43% of Arista Networks worth $598,589,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Fisher Asset Management LLC grew its stake in shares of Arista Networks by 32.1% in the 3rd quarter. Fisher Asset Management LLC now owns 6,717 shares of the technology company’s stock worth $2,578,000 after acquiring an additional 1,633 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in Arista Networks by 1.3% during the third quarter. D.A. Davidson & CO. now owns 5,158 shares of the technology company’s stock worth $1,980,000 after purchasing an additional 64 shares during the last quarter. Townsquare Capital LLC increased its stake in Arista Networks by 3.8% in the 3rd quarter. Townsquare Capital LLC now owns 7,769 shares of the technology company’s stock valued at $2,982,000 after buying an additional 288 shares during the last quarter. Freedom Investment Management Inc. lifted its position in shares of Arista Networks by 2.3% during the 3rd quarter. Freedom Investment Management Inc. now owns 1,621 shares of the technology company’s stock worth $622,000 after buying an additional 36 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Arista Networks by 1.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,849 shares of the technology company’s stock worth $22,971,000 after buying an additional 569 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on ANET shares. Piper Sandler reaffirmed a “neutral” rating and set a $108.00 price target (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research report on Wednesday, February 19th. Morgan Stanley boosted their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Finally, StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Insider Activity

In other news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,101,013.60. This represents a 86.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total transaction of $712,240.00. Following the sale, the director now directly owns 147,784 shares of the company’s stock, valued at $13,157,209.52. This represents a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock worth $49,112,111 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET opened at $77.91 on Friday. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58. The stock’s 50-day simple moving average is $99.16 and its 200 day simple moving average is $101.80. The stock has a market capitalization of $98.25 billion, a price-to-earnings ratio of 35.09, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

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

Arista Networks Company 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.