Fortis Capital Advisors LLC Reduces Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Fortis Capital Advisors LLC lowered its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 4.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 4,329 shares of the technology company’s stock after selling 200 shares during the quarter. Fortis Capital Advisors LLC’s holdings in Arista Networks were worth $478,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Anchor Investment Management LLC grew its holdings in Arista Networks by 35.0% during the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock valued at $52,000 after purchasing an additional 35 shares during the last quarter. Rehmann Capital Advisory Group grew its stake in shares of Arista Networks by 3.8% during the third quarter. Rehmann Capital Advisory Group now owns 1,177 shares of the technology company’s stock valued at $453,000 after buying an additional 43 shares during the last quarter. Old North State Trust LLC raised its holdings in shares of Arista Networks by 6.9% in the third quarter. Old North State Trust LLC now owns 1,371 shares of the technology company’s stock worth $526,000 after buying an additional 89 shares during the period. Caitlin John LLC lifted its stake in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after acquiring an additional 152 shares during the last quarter. Finally, Capital Advisors Ltd. LLC boosted its holdings in Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after acquiring an additional 191 shares during the period. Institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ANET. UBS Group upgraded 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 report on Wednesday, March 5th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Evercore ISI lifted their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $108.50.

Arista Networks Price Performance

Shares of NYSE ANET opened at $72.50 on Friday. The business has a fifty day moving average price of $88.74 and a 200 day moving average price of $100.12. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The stock has a market capitalization of $91.43 billion, a P/E ratio of 32.66, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last released its quarterly 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 for 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%. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $115.61, for a total value of $9,248,800.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,500,155.36. This trade represents a 86.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at approximately $10,840,249.20. This represents a 5.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 411,031 shares of company stock valued at $39,364,943. 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.