Moore Capital Management LP Boosts Stake in Arista Networks, Inc. (NYSE:ANET)

Moore Capital Management LP increased its stake in Arista Networks, Inc. (NYSE:ANET) by 27.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,648 shares of the technology company’s stock after acquiring an additional 2,516 shares during the quarter. Moore Capital Management LP’s holdings in Arista Networks were worth $1,287,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of ANET. Caitlin John LLC lifted its stake in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after purchasing an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC lifted its stake in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after purchasing an additional 191 shares in the last quarter. New Millennium Group LLC grew its position in Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after acquiring an additional 195 shares in the last quarter. Cranbrook Wealth Management LLC increased its stake in Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after buying an additional 198 shares during the period. Finally, Trust Co. of Vermont raised its stake in shares of Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Marc Taxay sold 51,848 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold a total of 412,355 shares of company stock valued at $37,216,079 over the last quarter. Company insiders own 3.39% of the company’s stock.

Analysts Set New Price Targets

ANET has been the topic of several recent analyst reports. JPMorgan Chase & Co. dropped their target price on Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Needham & Company LLC decreased their target price on shares of Arista Networks from $145.00 to $130.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and upped their price target for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Erste Group Bank cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $106.07.

Arista Networks Trading Up 6.6%

NYSE:ANET opened at $92.26 on Tuesday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The firm has a market cap of $115.87 billion, a price-to-earnings ratio of 41.56, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The company’s 50-day moving average is $79.03 and its two-hundred day moving average is $97.25.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 earnings per share. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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.