Sit Investment Associates Inc. Has $29.18 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

Sit Investment Associates Inc. raised its position in Arista Networks, Inc. (NYSE:ANET) by 293.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 264,033 shares of the technology company’s stock after purchasing an additional 196,871 shares during the period. Sit Investment Associates Inc.’s holdings in Arista Networks were worth $29,184,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Morse Asset Management Inc acquired a new stake in Arista Networks during the 3rd quarter worth about $123,000. Royal London Asset Management Ltd. boosted its position in shares of Arista Networks by 3.3% during the 3rd quarter. Royal London Asset Management Ltd. now owns 138,349 shares of the technology company’s stock valued at $53,101,000 after purchasing an additional 4,457 shares in the last quarter. SYM FINANCIAL Corp acquired a new stake in Arista Networks during the third quarter worth approximately $225,000. Stifel Financial Corp increased its holdings in Arista Networks by 4.8% in the third quarter. Stifel Financial Corp now owns 162,252 shares of the technology company’s stock worth $62,276,000 after purchasing an additional 7,505 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new position in Arista Networks in the third quarter valued at approximately $9,714,000. 82.47% of the stock is owned by institutional investors.

Arista Networks Stock Performance

Shares of ANET stock opened at $64.28 on Friday. The firm has a market cap of $81.07 billion, a price-to-earnings ratio of 28.96, a P/E/G ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a 52 week low of $60.08 and a 52 week high of $133.58. The firm’s 50-day simple moving average is $94.01 and its two-hundred day simple moving average is $101.21.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping 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 company had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the transaction, the director now directly owns 139,784 shares in the company, valued at approximately $10,840,249.20. The trade was a 5.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $118.47, for a total value of $9,477,600.00. Following the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,537,266.72. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock valued at $48,840,431 in the last 90 days. Insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on ANET shares. Evercore ISI lifted their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Morgan Stanley upped their target price on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

Arista Networks Company 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.