Xponance Inc. Raises Position in Arista Networks, Inc. (NYSE:ANET)

Xponance Inc. boosted its stake in Arista Networks, Inc. (NYSE:ANET) by 0.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,939 shares of the technology company’s stock after buying an additional 100 shares during the quarter. Xponance Inc.’s holdings in Arista Networks were worth $13,410,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AXQ Capital LP purchased a new stake in shares of Arista Networks in the third quarter valued at approximately $791,000. Advisor Resource Council grew its position in shares of Arista Networks by 507.9% in the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock valued at $1,653,000 after purchasing an additional 5,866 shares in the last quarter. Bleakley Financial Group LLC grew its position in shares of Arista Networks by 4.6% in the fourth quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock valued at $1,047,000 after purchasing an additional 194 shares in the last quarter. WCM Investment Management LLC grew its position in shares of Arista Networks by 0.5% in the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after purchasing an additional 16,081 shares in the last quarter. Finally, Cambridge Trust Co. grew its position in shares of Arista Networks by 70.1% in the third quarter. Cambridge Trust Co. now owns 50,255 shares of the technology company’s stock valued at $9,243,000 after purchasing an additional 20,704 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Yvonne Wassenaar sold 224 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total value of $57,184.96. Following the sale, the director now directly owns 2,827 shares in the company, valued at $721,704.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $286.52, for a total value of $573,040.00. Following the sale, the director now directly owns 60,946 shares in the company, valued at $17,462,247.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Yvonne Wassenaar sold 224 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $255.29, for a total value of $57,184.96. Following the completion of the sale, the director now owns 2,827 shares in the company, valued at $721,704.83. The disclosure for this sale can be found here. Over the last three months, insiders have sold 342,229 shares of company stock worth $97,968,530. Corporate insiders own 18.99% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET traded down $2.04 during midday trading on Friday, hitting $255.15. 261,188 shares of the stock were exchanged, compared to its average volume of 2,421,397. Arista Networks, Inc. has a 52-week low of $131.68 and a 52-week high of $307.74. The stock has a fifty day simple moving average of $281.02 and a 200 day simple moving average of $244.15. The firm has a market cap of $79.77 billion, a P/E ratio of 39.16, a P/E/G ratio of 2.21 and a beta of 1.09.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Oppenheimer restated a “market perform” rating on shares of Arista Networks in a research report on Tuesday, February 13th. Piper Sandler increased their price objective on Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 13th. Morgan Stanley increased their price objective on Arista Networks from $230.00 to $272.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. JMP Securities reiterated a “market outperform” rating and issued a $325.00 price objective on shares of Arista Networks in a research report on Tuesday, February 13th. Finally, KeyCorp increased their price objective on Arista Networks from $232.00 to $287.00 and gave the stock an “overweight” rating in a research report on Thursday, January 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $275.59.

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.