Gotham Asset Management LLC Purchases 18,587 Shares of Arista Networks, Inc. (NYSE:ANET)

Gotham Asset Management LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 166.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,729 shares of the technology company’s stock after buying an additional 18,587 shares during the period. Gotham Asset Management LLC’s holdings in Arista Networks were worth $3,286,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Stock Yards Bank & Trust Co. purchased a new position in Arista Networks in the 4th quarter worth approximately $242,000. GHE LLC raised 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 in the last quarter. Colonial River Investments LLC lifted its stake in Arista Networks by 327.6% during 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 position in shares of Arista Networks in the 4th quarter worth about $630,000. Finally, Berkshire Capital Holdings Inc. increased its position in shares of Arista Networks by 257.6% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company’s stock valued at $8,505,000 after purchasing an additional 55,430 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Up 0.6%

ANET opened at $97.86 on Thursday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The stock has a market cap of $122.90 billion, a PE ratio of 44.08, a PEG ratio of 3.10 and a beta of 1.38. The business has a 50 day moving average of $79.58 and a 200-day moving average of $97.25.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 earnings per share. Equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has initiated a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have issued reports on ANET shares. Citigroup upped their target price on Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a research note on Tuesday. Piper Sandler reaffirmed a “neutral” rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Erste Group Bank cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Evercore ISI cut their price target on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Finally, Rosenblatt Securities lifted their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $107.14.

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 1,488 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $107.13, for a total transaction of $159,409.44. Following the completion of the transaction, the director now directly owns 8,128 shares in the company, valued at $870,752.64. This trade represents a 15.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 412,355 shares of company stock worth $37,216,079. 3.39% of the stock is currently owned by company insiders.

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.