Fortis Capital Advisors LLC Reduces Stock Position in Arista Networks, Inc. (NYSE:ANET)

Fortis Capital Advisors LLC decreased its position in Arista Networks, Inc. (NYSE:ANET) by 4.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,329 shares of the technology company’s stock after selling 200 shares during the quarter. Fortis Capital Advisors LLC’s holdings in Arista Networks were worth $478,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ANET. Rockefeller Capital Management L.P. grew its stake in shares of Arista Networks by 358.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 694,506 shares of the technology company’s stock worth $76,764,000 after purchasing an additional 542,978 shares during the last quarter. Petros Family Wealth LLC purchased a new stake in Arista Networks in the 4th quarter worth approximately $477,000. Timucuan Asset Management Inc. FL grew its position in shares of Arista Networks by 299.5% in the 4th quarter. Timucuan Asset Management Inc. FL now owns 1,168,603 shares of the technology company’s stock worth $129,166,000 after buying an additional 876,106 shares during the last quarter. Sterling Capital Management LLC increased its stake in shares of Arista Networks by 327.8% during the fourth quarter. Sterling Capital Management LLC now owns 43,790 shares of the technology company’s stock valued at $4,840,000 after buying an additional 33,554 shares during the period. Finally, Concorde Asset Management LLC bought a new position in shares of Arista Networks during the fourth quarter valued at approximately $668,000. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Down 0.2 %

NYSE ANET opened at $72.50 on Friday. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The stock’s fifty day moving average price is $88.74 and its 200-day moving average price is $100.12. The stock has a market cap of $91.43 billion, a P/E ratio of 32.66, a P/E/G ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The company 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%. As a group, analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $112.02, for a total value of $896,160.00. Following the completion of the sale, the director now directly owns 155,784 shares in the company, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 1,488 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the transaction, the director now directly owns 8,128 shares of the company’s stock, valued at approximately $870,752.64. This trade represents a 15.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 411,031 shares of company stock valued at $39,364,943 over the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Citigroup boosted their price target on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.