Pinebridge Investments L.P. Acquires 442,898 Shares of Arista Networks, Inc. (NYSE:ANET)

Pinebridge Investments L.P. increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 279.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 601,580 shares of the technology company’s stock after purchasing an additional 442,898 shares during the quarter. Pinebridge Investments L.P.’s holdings in Arista Networks were worth $66,493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of ANET. Stock Yards Bank & Trust Co. purchased a new stake in shares of Arista Networks during the 4th quarter valued at about $242,000. GHE LLC lifted its position in Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock valued at $3,136,000 after purchasing an additional 21,597 shares during the period. Colonial River Investments LLC boosted its holdings in Arista Networks by 327.6% in the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock worth $1,077,000 after purchasing an additional 7,466 shares during the last quarter. Unified Investment Management purchased a new stake in Arista Networks in the fourth quarter worth approximately $630,000. Finally, Berkshire Capital Holdings Inc. grew its position in Arista Networks by 257.6% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company’s stock worth $8,505,000 after purchasing an additional 55,430 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Price Performance

Shares of ANET stock opened at $68.59 on Wednesday. The company has a market capitalization of $86.12 billion, a price-to-earnings ratio of 30.90, a PEG ratio of 3.10 and a beta of 1.30. The company’s fifty day moving average price is $82.57 and its 200-day moving average price is $98.87. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58.

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 business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Rosenblatt Securities dropped their price target on Arista Networks from $85.00 to $55.00 and set a “sell” rating on the stock in a research note on Tuesday. Piper Sandler dropped their target price on Arista Networks from $108.00 to $76.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Needham & Company LLC restated a “buy” rating and set a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. One 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. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $104.29.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now owns 139,784 shares in the company, valued at $10,840,249.20. The trade was a 5.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $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 410,863 shares of company stock valued at $39,344,612. Corporate insiders own 3.54% of the company’s stock.

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.