Thoroughbred Financial Services LLC Raises Holdings in Arista Networks, Inc. (NYSE:ANET)

Thoroughbred Financial Services LLC increased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 297.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,220 shares of the technology company’s stock after buying an additional 12,140 shares during the period. Thoroughbred Financial Services LLC’s holdings in Arista Networks were worth $1,792,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the period. Geode Capital Management LLC raised its position in shares of Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the last quarter. Norges Bank bought a new stake in Arista Networks during the fourth quarter valued at about $1,397,833,000. Finally, Wellington Management Group LLP grew its stake in Arista Networks by 313.9% in the fourth quarter. Wellington Management Group LLP now owns 11,013,511 shares of the technology company’s stock valued at $1,217,323,000 after purchasing an additional 8,352,816 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the transaction, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This represents a 5.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the sale, the chief executive officer now directly owns 92,641 shares in the company, valued at approximately $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 491,001 shares of company stock worth $48,840,431. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. 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. Rosenblatt Securities reiterated a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a report on Tuesday, February 18th. Finally, Citigroup boosted their target price on Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $64.28 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 market cap of $81.07 billion, a PE ratio of 28.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. The firm has a fifty day moving average price of $94.01 and a 200 day moving average price of $101.21.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data 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 business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. As a group, equities analysts expect that Arista Networks, Inc. will post 2.2 EPS 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.