Ithaka Group LLC Buys Shares of 75,411 Arista Networks, Inc. (NYSE:ANET)

Ithaka Group LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 75,411 shares of the technology company’s stock, valued at approximately $8,335,000. Arista Networks accounts for 1.5% of Ithaka Group LLC’s investment portfolio, making the stock its 25th largest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWA Asset Management Group LLC acquired a new stake in Arista Networks during the 3rd quarter valued at approximately $297,000. Apollon Wealth Management LLC raised its stake in Arista Networks by 5.4% during the third quarter. Apollon Wealth Management LLC now owns 7,076 shares of the technology company’s stock worth $2,716,000 after buying an additional 362 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Arista Networks by 1.2% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 598,004 shares of the technology company’s stock worth $229,526,000 after acquiring an additional 7,022 shares during the period. Ashton Thomas Private Wealth LLC raised its position in shares of Arista Networks by 2.0% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 4,157 shares of the technology company’s stock worth $1,596,000 after acquiring an additional 81 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC lifted its stake in shares of Arista Networks by 44.9% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 10,403 shares of the technology company’s stock valued at $3,993,000 after purchasing an additional 3,224 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of ANET stock opened at $80.34 on Thursday. The stock has a market capitalization of $101.32 billion, a price-to-earnings ratio of 36.19, a PEG ratio of 3.10 and a beta of 1.08. The company’s fifty day simple moving average is $107.01 and its two-hundred day simple moving average is $101.88. Arista Networks, Inc. has a 1 year low of $60.08 and a 1 year high of $133.58.

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Rosenblatt Securities reissued a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a research report on Tuesday, February 18th. Needham & Company LLC restated a “buy” rating and set a $145.00 price objective on shares of Arista Networks in a report on Wednesday, February 19th. Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Barclays reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and raised their price objective for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Insider Buying and Selling at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,537,266.72. This represents a 86.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the sale, the director now directly owns 163,784 shares in the company, valued at approximately $18,263,553.84. This trade represents a 4.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock worth $49,112,111 over the last ninety days. 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.