Fortis Capital Management LLC Buys 43,892 Shares of Arista Networks, Inc. (NYSE:ANET)

Fortis Capital Management LLC raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 391.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,110 shares of the technology company’s stock after acquiring an additional 43,892 shares during the period. Arista Networks comprises approximately 1.1% of Fortis Capital Management LLC’s investment portfolio, making the stock its 20th largest holding. Fortis Capital Management LLC’s holdings in Arista Networks were worth $6,091,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of ANET. Caitlin John LLC grew its holdings in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC boosted its position in Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after purchasing an additional 191 shares during the last quarter. Cranbrook Wealth Management LLC increased its position in shares of Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. Trust Co. of Vermont increased its position in shares of Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. Finally, New Millennium Group LLC raised its stake in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 195 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Trading Up 0.3 %

Shares of 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 stock has a market cap of $104.99 billion, a P/E ratio of 37.50, a P/E/G ratio of 3.10 and a beta of 1.08. The company has a 50 day moving average of $102.53 and a 200 day moving average of $101.74.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Evercore ISI increased their target price on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Barclays reissued an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Citigroup boosted their target price on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Rosenblatt Securities reiterated a “sell” rating and set a $80.00 price target on shares of Arista Networks in a research note on Tuesday, February 18th. Finally, StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Insiders Place Their Bets

In related news, SVP Marc Taxay sold 51,848 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now owns 12,976 shares in the company, valued at $1,101,013.60. The trade was a 86.04 % 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 in the last ninety days. 3.54% of the stock is currently owned by 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.