Envestnet Asset Management Inc. Purchases 2,386,996 Shares of Arista Networks, Inc. (NYSE:ANET)

Envestnet Asset Management Inc. increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 310.8% in the fourth quarter, HoldingsChannel reports. The firm owned 3,154,978 shares of the technology company’s stock after buying an additional 2,386,996 shares during the period. Envestnet Asset Management Inc.’s holdings in Arista Networks were worth $348,720,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after buying an additional 18,293,874 shares during the period. Alliancebernstein L.P. grew its stake in Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock valued at $2,328,869,000 after buying an additional 14,454,822 shares during the last quarter. Norges Bank bought a new position in Arista Networks in the 4th quarter valued at about $1,397,833,000. Finally, Wellington Management Group LLP lifted its holdings in Arista Networks by 313.9% during the 4th quarter. Wellington Management Group LLP now owns 11,013,511 shares of the technology company’s stock worth $1,217,323,000 after purchasing an additional 8,352,816 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling

In other news, Director Kelly Bodnar Battles sold 1,488 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were 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 owns 8,128 shares in the company, valued at approximately $870,752.64. This trade represents a 15.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 491,001 shares of company stock valued at $48,840,431. 3.54% of the stock is currently owned by company insiders.

Arista Networks Trading Down 9.8 %

Arista Networks stock opened at $64.28 on Friday. The company has a fifty day simple moving average of $94.01 and a 200-day simple moving average of $101.29. The stock has a market cap of $81.07 billion, a P/E ratio of 28.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ANET. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 target price on shares of Arista Networks in a report on Wednesday, February 19th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Rosenblatt Securities reaffirmed a “sell” rating and issued a $80.00 price target on shares of Arista Networks in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

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.