1,400 Shares in Arista Networks, Inc. (NYSE:ANET) Bought by Absolute Capital Management LLC

Absolute Capital Management LLC purchased a new stake in Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,400 shares of the technology company’s stock, valued at approximately $330,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Motley Fool Asset Management LLC lifted its position in Arista Networks by 6.3% in the fourth quarter. Motley Fool Asset Management LLC now owns 9,185 shares of the technology company’s stock valued at $2,163,000 after acquiring an additional 544 shares during the last quarter. VCI Wealth Management LLC purchased a new stake in shares of Arista Networks in the fourth quarter valued at about $246,000. Syon Capital LLC raised its holdings in shares of Arista Networks by 18.2% in the fourth quarter. Syon Capital LLC now owns 2,821 shares of the technology company’s stock valued at $664,000 after buying an additional 435 shares during the last quarter. Meritage Portfolio Management raised its holdings in shares of Arista Networks by 6.9% in the fourth quarter. Meritage Portfolio Management now owns 49,175 shares of the technology company’s stock valued at $11,581,000 after buying an additional 3,170 shares during the last quarter. Finally, Pittenger & Anderson Inc. raised its holdings in shares of Arista Networks by 35.6% in the fourth quarter. Pittenger & Anderson Inc. now owns 8,395 shares of the technology company’s stock valued at $1,977,000 after buying an additional 2,205 shares during 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 that occurred 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 sale, the director now directly owns 2,827 shares in the company, valued at $721,704.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jayshree Ullal sold 980 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $268.29, for a total transaction of $262,924.20. Following the sale, the chief executive officer now owns 73,051 shares in the company, valued at $19,598,852.79. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Yvonne Wassenaar sold 224 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total transaction of $57,184.96. Following the sale, the director now owns 2,827 shares in the company, valued at approximately $721,704.83. The disclosure for this sale can be found here. Insiders have sold 333,494 shares of company stock worth $95,632,321 over the last ninety days. 18.99% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Melius raised shares of Arista Networks from a “hold” rating to a “buy” rating in a report on Monday, January 8th. The Goldman Sachs Group increased their price target on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Piper Sandler increased their price target on shares of Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. JMP Securities reissued a “market outperform” rating and set a $325.00 price target on shares of Arista Networks in a report on Tuesday, February 13th. Finally, Melius Research raised shares of Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $275.59.

Arista Networks Price Performance

ANET stock opened at $264.70 on Friday. The company’s 50 day simple moving average is $279.09 and its 200-day simple moving average is $247.22. The firm has a market capitalization of $83.01 billion, a PE ratio of 40.29, a P/E/G ratio of 2.26 and a beta of 1.09. Arista Networks, Inc. has a 12 month low of $131.68 and a 12 month high of $307.74.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 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 analyst estimates of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.25 earnings per share. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 6.7 earnings per share for the current year.

Arista Networks Profile

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.