Envestnet Portfolio Solutions Inc. Increases Stock Position in Arista Networks, Inc. (NYSE:ANET)

Envestnet Portfolio Solutions Inc. increased its position in Arista Networks, Inc. (NYSE:ANET) by 247.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 84,285 shares of the technology company’s stock after purchasing an additional 60,004 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Arista Networks were worth $9,316,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. OneDigital Investment Advisors LLC boosted its stake in Arista Networks by 4.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,421 shares of the technology company’s stock valued at $1,697,000 after acquiring an additional 207 shares during the last quarter. Claro Advisors LLC boosted its stake in Arista Networks by 166.4% during the 3rd quarter. Claro Advisors LLC now owns 1,569 shares of the technology company’s stock valued at $602,000 after acquiring an additional 980 shares during the last quarter. Aljian Capital Management LLC bought a new position in Arista Networks during the 3rd quarter valued at $235,000. Quest Partners LLC boosted its stake in Arista Networks by 149.2% during the 3rd quarter. Quest Partners LLC now owns 2,896 shares of the technology company’s stock valued at $1,112,000 after acquiring an additional 1,734 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new position in Arista Networks during the 3rd quarter valued at $44,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Price Performance

Arista Networks stock opened at $85.06 on Tuesday. The company has a market cap of $107.27 billion, a P/E ratio of 38.32, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. The firm’s 50 day simple moving average is $105.07 and its 200-day simple moving average is $101.92. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Evercore ISI increased their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Arista Networks in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total value of $892,080.00. Following the completion of the sale, the director now directly owns 163,784 shares in the company, valued at $18,263,553.84. The trade was a 4.66 % decrease in their ownership of the stock. The transaction 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 Arista Networks stock in a transaction that occurred on Monday, March 3rd. The shares were 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 three months, insiders sold 491,001 shares of company stock worth $49,112,111. 3.54% of the stock is owned by company insiders.

About Arista Networks

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.