Groesbeck Investment Management Corp NJ Increases Position in Arista Networks, Inc. (NYSE:ANET)

Groesbeck Investment Management Corp NJ increased its stake in Arista Networks, Inc. (NYSE:ANET) by 22.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,895 shares of the technology company’s stock after purchasing an additional 530 shares during the quarter. Groesbeck Investment Management Corp NJ’s holdings in Arista Networks were worth $682,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ANET. Larson Financial Group LLC purchased a new position in Arista Networks during the 3rd quarter valued at about $28,000. First Command Advisory Services Inc. acquired a new stake in shares of Arista Networks during the 3rd quarter worth about $29,000. Hollencrest Capital Management acquired a new stake in shares of Arista Networks during the 1st quarter worth about $30,000. BluePath Capital Management LLC acquired a new stake in shares of Arista Networks during the 3rd quarter worth about $33,000. Finally, NBC Securities Inc. acquired a new stake in shares of Arista Networks during the 3rd quarter worth about $33,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Up 0.1 %

Shares of ANET traded up $0.18 during mid-day trading on Thursday, reaching $259.45. 955,904 shares of the stock traded hands, compared to its average volume of 2,436,838. The firm has a market cap of $81.11 billion, a price-to-earnings ratio of 39.49, a P/E/G ratio of 2.24 and a beta of 1.09. The stock has a fifty day simple moving average of $281.39 and a 200 day simple moving average of $244.06. Arista Networks, Inc. has a 12-month low of $131.68 and a 12-month high of $307.74.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business’s quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.25 earnings per share. On average, equities research analysts expect that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Evercore ISI reissued an “outperform” rating and issued a $300.00 target price on shares of Arista Networks in a research report on Wednesday, March 27th. The Goldman Sachs Group raised their target price on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Melius Research raised shares of Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a research report on Monday, January 8th. Rosenblatt Securities reissued a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a research report on Friday, April 12th. Finally, KeyCorp raised their target price on shares of Arista Networks from $232.00 to $287.00 and gave the stock an “overweight” rating in a research report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus price target of $275.59.

Insider Activity

In other news, CEO Jayshree Ullal sold 87,418 shares of Arista Networks stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now owns 17,681 shares in the company, valued at $4,929,639.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Yvonne Wassenaar sold 186 shares of Arista Networks stock in a transaction on Friday, January 19th. The shares were sold at an average price of $261.41, for a total value of $48,622.26. Following the completion of the sale, the director now owns 2,678 shares in the company, valued at $700,055.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 87,418 shares of Arista Networks stock in a transaction on Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $4,929,639.61. The disclosure for this sale can be found here. Insiders have sold 342,415 shares of company stock worth $98,017,152 over the last 90 days. Company insiders own 18.99% 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.