ZEGA Investments LLC Acquires 5,187 Shares of Arista Networks, Inc. $ANET

ZEGA Investments LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 133.3% in the third quarter, Holdings Channel.com reports. The fund owned 9,079 shares of the technology company’s stock after buying an additional 5,187 shares during the quarter. ZEGA Investments LLC’s holdings in Arista Networks were worth $1,323,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Arista Networks during the second quarter worth $1,228,177,000. Nordea Investment Management AB lifted its stake in Arista Networks by 193.3% in the second quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock valued at $721,342,000 after buying an additional 4,656,021 shares during the period. Holocene Advisors LP bought a new position in Arista Networks during the second quarter worth about $247,451,000. Robeco Institutional Asset Management B.V. grew its position in shares of Arista Networks by 123.0% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 3,068,064 shares of the technology company’s stock worth $313,894,000 after buying an additional 1,692,467 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in shares of Arista Networks by 79.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 3,228,746 shares of the technology company’s stock valued at $330,333,000 after acquiring an additional 1,428,491 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $133.79, for a total value of $1,070,320.00. Following the transaction, the director directly owned 17,784 shares of the company’s stock, valued at approximately $2,379,321.36. The trade was a 31.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kenneth Duda sold 30,000 shares of the stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total transaction of $3,694,800.00. Following the transaction, the insider owned 12,976 shares of the company’s stock, valued at approximately $1,598,124.16. The trade was a 69.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 216,464 shares of company stock worth $28,488,988 in the last 90 days. Insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ANET. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. UBS Group reissued a “buy” rating and issued a $155.00 price target on shares of Arista Networks in a report on Wednesday, December 3rd. Zacks Research downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $140.00 price target on shares of Arista Networks in a research report on Monday, November 24th. Finally, BNP Paribas Exane upgraded Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective for the company in a research report on Thursday, September 25th. Eighteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $164.44.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $123.34 on Tuesday. The business’s 50 day simple moving average is $129.74 and its two-hundred day simple moving average is $132.31. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The firm has a market cap of $155.32 billion, a P/E ratio of 46.90, a PEG ratio of 2.07 and a beta of 1.41.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period last year, the company earned $2.40 earnings per share. The business’s revenue was up 27.5% on a year-over-year basis. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.