AXQ Capital LP Acquires 4,612 Shares of Arista Networks, Inc. (NYSE:ANET)

AXQ Capital LP grew its position in Arista Networks, Inc. (NYSE:ANET) by 135.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,006 shares of the technology company’s stock after purchasing an additional 4,612 shares during the quarter. AXQ Capital LP’s holdings in Arista Networks were worth $885,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ANET. State Street Corp boosted its stake in Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after acquiring an additional 411,109 shares in the last quarter. Swedbank AB boosted its stake in shares of Arista Networks by 293.2% in the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after buying an additional 5,034,022 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Arista Networks by 320.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock valued at $713,721,000 after purchasing an additional 4,919,882 shares during the last quarter. Amundi lifted its stake in Arista Networks by 196.3% in the fourth quarter. Amundi now owns 6,342,064 shares of the technology company’s stock valued at $732,493,000 after purchasing an additional 4,201,973 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Arista Networks by 294.1% in the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock valued at $678,308,000 after purchasing an additional 4,579,622 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Up 0.3 %

NYSE:ANET opened at $83.26 on Friday. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.58. The company’s 50-day moving average is $102.53 and its two-hundred day moving average is $101.60. The firm has a market cap of $104.99 billion, a price-to-earnings ratio of 37.50, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The firm 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%. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Piper Sandler restated a “neutral” rating and set a $108.00 price target (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Morgan Stanley upped their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Citigroup upped their target price on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 price target on shares of Arista Networks in a research note on Wednesday, February 19th. One investment 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Insider Buying and Selling at Arista Networks

In other news, SVP Marc Taxay sold 51,848 shares of the firm’s 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,101,013.60. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock valued at $49,112,111 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

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.