Huntington National Bank Purchases 38,835 Shares of Arista Networks, Inc. (NYSE:ANET)

Huntington National Bank increased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 385.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 48,920 shares of the technology company’s stock after purchasing an additional 38,835 shares during the period. Huntington National Bank’s holdings in Arista Networks were worth $5,407,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Caitlin John LLC raised its stake in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC increased its position in Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after purchasing an additional 191 shares in the last quarter. Cranbrook Wealth Management LLC lifted its stake in Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. Trust Co. of Vermont boosted its position in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares in the last quarter. Finally, New Millennium Group LLC boosted its position in Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after buying an additional 195 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $80.31 on Thursday. The firm has a market cap of $101.28 billion, a price-to-earnings ratio of 36.18, a PEG ratio of 3.10 and a beta of 1.30. The stock’s 50-day moving average is $96.46 and its 200 day moving average is $101.60. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.58.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 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 company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on ANET shares. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and issued a $145.00 price objective on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. One equities 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 stock. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Insiders Place Their Bets

In related news, 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 transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,537,266.72. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Marc Taxay sold 51,848 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 483,001 shares of company stock worth $48,220,031. 3.54% of the stock is currently owned by company insiders.

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.