Jennison Associates LLC Boosts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Jennison Associates LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,807,494 shares of the technology company’s stock after purchasing an additional 14,627 shares during the quarter. Jennison Associates LLC owned about 0.58% of Arista Networks worth $425,683,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Larson Financial Group LLC bought a new stake in Arista Networks in the 3rd quarter worth approximately $28,000. First Command Advisory Services Inc. purchased a new position in shares of Arista Networks in the 3rd quarter worth approximately $29,000. BluePath Capital Management LLC purchased a new position in shares of Arista Networks in the 3rd quarter worth approximately $33,000. NBC Securities Inc. bought a new position in Arista Networks in the 3rd quarter valued at $33,000. Finally, Atticus Wealth Management LLC grew its position in Arista Networks by 3,625.0% in the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after acquiring an additional 145 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at $940,922.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $940,922.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 22,000 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $303.00, for a total value of $6,666,000.00. Following the transaction, the chief executive officer now directly owns 1,665,300 shares of the company’s stock, valued at $504,585,900. The disclosure for this sale can be found here. Insiders have sold 334,227 shares of company stock worth $95,828,875 over the last quarter. 18.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on ANET. Wells Fargo & Company upped their price objective on Arista Networks from $225.00 to $310.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. Rosenblatt Securities reissued a “sell” rating and set a $210.00 price target on shares of Arista Networks in a research report on Friday, April 12th. JPMorgan Chase & Co. increased their price target on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Piper Sandler increased their price target on Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a research note on Tuesday, February 13th. Finally, Melius Research upgraded Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a research note on Monday, January 8th. One equities 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. Based on data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $275.59.

Arista Networks Stock Performance

Shares of NYSE:ANET traded down $3.67 during trading on Monday, reaching $242.42. The stock had a trading volume of 1,494,901 shares, compared to its average volume of 2,442,500. The business has a fifty day moving average price of $280.29 and a 200-day moving average price of $245.38. The stock has a market cap of $75.79 billion, a PE ratio of 37.46, a PEG ratio of 2.10 and a beta of 1.09. Arista Networks, Inc. has a 1-year low of $131.68 and a 1-year high of $307.74.

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

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.