Main Street Research LLC Purchases Shares of 285,740 Arista Networks, Inc. (NYSE:ANET)

Main Street Research LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 285,740 shares of the technology company’s stock, valued at approximately $31,583,000. Arista Networks comprises approximately 2.0% of Main Street Research LLC’s holdings, making the stock its 27th largest position.

A number of other large investors have also recently made changes to their positions in the business. State Street Corp lifted its stake in Arista Networks by 3.8% during the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after acquiring an additional 411,109 shares in the last quarter. Swedbank AB lifted its position in shares of Arista Networks by 293.2% during the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after buying an additional 5,034,022 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Arista Networks by 320.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock valued at $713,721,000 after acquiring an additional 4,919,882 shares in the last quarter. Amundi lifted its holdings in Arista Networks by 196.3% during the fourth quarter. Amundi now owns 6,342,064 shares of the technology company’s stock worth $732,493,000 after acquiring an additional 4,201,973 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Arista Networks by 294.1% in the 4th quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock worth $678,308,000 after buying an additional 4,579,622 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

ANET has been the topic of several research reports. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Morgan Stanley lifted their price target on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Wells Fargo & Company increased their price objective on Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Rosenblatt Securities restated a “sell” rating and issued a $80.00 target price on shares of Arista Networks in a research note on Tuesday, February 18th. Finally, Barclays increased their price target on Arista Networks from $125.00 to $126.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Stock Performance

NYSE:ANET opened at $83.31 on Monday. The firm has a market capitalization of $105.07 billion, a price-to-earnings ratio of 37.53, a P/E/G ratio of 3.10 and a beta of 1.08. The stock has a fifty day moving average of $108.92 and a 200 day moving average of $102.18. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.57.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 51,848 shares of Arista Networks stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares in the company, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 411,001 shares of company stock valued at $42,324,111. Insiders own 3.54% of the company’s stock.

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.