Hoey Investments Inc. Takes $117,000 Position in Arista Networks, Inc. (NYSE:ANET)

Hoey Investments Inc. acquired a new stake in Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, Holdings Channel reports. The firm acquired 1,060 shares of the technology company’s stock, valued at approximately $117,000.

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

Analysts Set New Price Targets

A number of analysts have weighed in on the company. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and increased their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Needham & Company LLC restated a “buy” rating and set a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. Morgan Stanley boosted their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Rosenblatt Securities reiterated a “sell” rating and issued a $80.00 price objective on shares of Arista Networks in a research note on Tuesday, February 18th. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Stock Down 1.3 %

Shares of NYSE:ANET opened at $77.91 on Monday. The stock has a market cap of $98.25 billion, a price-to-earnings ratio of 35.09, a PEG ratio of 3.10 and a beta of 1.08. The business’s 50 day moving average is $99.16 and its 200 day moving average is $101.91. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. As a group, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,101,013.60. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the transaction, the chief executive officer now directly owns 92,641 shares in the company, valued at $8,697,137.08. This trade represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 491,001 shares of company stock worth $49,112,111. Insiders own 3.54% of the company’s stock.

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.