Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Covestor Ltd

Covestor Ltd raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 298.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,529 shares of the technology company’s stock after buying an additional 1,894 shares during the period. Covestor Ltd’s holdings in Arista Networks were worth $279,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Stock Yards Bank & Trust Co. acquired a new position in Arista Networks in the 4th quarter worth about $242,000. GHE LLC increased its position in shares of Arista Networks by 319.0% in the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock valued at $3,136,000 after buying an additional 21,597 shares in the last quarter. Colonial River Investments LLC raised its stake in shares of Arista Networks by 327.6% during the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock worth $1,077,000 after buying an additional 7,466 shares during the period. Unified Investment Management acquired a new stake in Arista Networks in the 4th quarter valued at $630,000. Finally, Berkshire Capital Holdings Inc. raised its position in Arista Networks by 257.6% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company’s stock worth $8,505,000 after acquiring an additional 55,430 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Citigroup lifted their price target on Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Rosenblatt Securities restated a “sell” rating and issued a $80.00 price objective on shares of Arista Networks in a report on Tuesday, February 18th. Erste Group Bank cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $108.50.

Arista Networks Stock Performance

Shares of Arista Networks stock traded down $2.25 during trading hours on Thursday, hitting $73.75. The company’s stock had a trading volume of 2,684,713 shares, compared to its average volume of 9,142,053. The firm has a fifty day moving average of $90.32 and a 200-day moving average of $100.45. The stock has a market cap of $93.01 billion, a price-to-earnings ratio of 33.22, a P/E/G ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58.

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, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction that occurred 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total transaction of $896,160.00. Following the transaction, the director now owns 155,784 shares of the company’s stock, valued at $17,450,923.68. This trade represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 411,031 shares of company stock worth $39,364,943. 3.54% of the stock is currently owned by company insiders.

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.