Martingale Asset Management L P Raises Holdings in Arista Networks, Inc. (NYSE:ANET)

Martingale Asset Management L P boosted its stake in Arista Networks, Inc. (NYSE:ANET) by 370.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 262,465 shares of the technology company’s stock after purchasing an additional 206,718 shares during the period. Martingale Asset Management L P’s holdings in Arista Networks were worth $29,010,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ANET. Vanguard Group Inc. raised its holdings in Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after buying an additional 72,311,318 shares during the last quarter. FMR LLC raised its stake in shares of Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock valued at $6,371,848,000 after acquiring an additional 44,269,572 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the period. Alliancebernstein L.P. grew its stake in shares of Arista Networks by 218.5% in the fourth 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. Finally, Norges Bank purchased a new position in Arista Networks during the 4th quarter valued at about $1,397,833,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

ANET opened at $69.42 on Wednesday. The firm has a market cap of $87.55 billion, a PE ratio of 31.27, a P/E/G ratio of 3.10 and a beta of 1.30. The stock has a 50-day moving average price of $91.86 and a 200-day moving average price of $100.77. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the sale, the director now owns 155,784 shares in the company, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,500,155.36. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 411,001 shares of company stock valued at $39,362,831. 3.54% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Citigroup lifted their price objective on Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Morgan Stanley decreased their price objective on shares of Arista Networks from $118.00 to $73.00 and set an “overweight” rating for the company in a report on Tuesday. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Finally, Barclays restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.50.

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.