Thoroughbred Financial Services LLC Raises Position in Arista Networks, Inc. (NYSE:ANET)

Thoroughbred Financial Services LLC raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 297.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 16,220 shares of the technology company’s stock after acquiring an additional 12,140 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Arista Networks were worth $1,792,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Arista Networks by 304.2% in the 4th 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 last quarter. Geode Capital Management LLC raised its position in shares of Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock valued at $2,665,829,000 after buying an additional 18,293,874 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after buying an additional 14,454,822 shares in the last quarter. Norges Bank acquired a new position in Arista Networks during the fourth quarter worth about $1,397,833,000. Finally, Wellington Management Group LLP grew its stake 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 valued at $1,217,323,000 after acquiring an additional 8,352,816 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total value of $896,160.00. Following the sale, the director now directly owns 155,784 shares in the company, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 491,001 shares of company stock valued at $48,840,431. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Down 9.8 %

Shares of NYSE ANET opened at $64.28 on Friday. The business’s 50 day moving average is $94.01 and its two-hundred day moving average is $101.21. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58. The firm has a market cap of $81.07 billion, a price-to-earnings ratio of 28.96, a PEG ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Analyst Ratings Changes

ANET has been the topic of a number of research reports. Piper Sandler reissued a “neutral” rating and issued a $108.00 target price (up from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Rosenblatt Securities reissued a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a research note on Tuesday, February 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a research note on Wednesday, February 19th. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Finally, Evercore ISI raised their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One 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, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.