Groesbeck Investment Management Corp NJ Acquires 11,668 Shares of Arista Networks, Inc. (NYSE:ANET)

Groesbeck Investment Management Corp NJ grew its stake in Arista Networks, Inc. (NYSE:ANET) by 384.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,704 shares of the technology company’s stock after purchasing an additional 11,668 shares during the quarter. Arista Networks makes up approximately 2.1% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 12th largest holding. Groesbeck Investment Management Corp NJ’s holdings in Arista Networks were worth $1,625,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ANET. Yorktown Management & Research Co Inc grew its position in shares of Arista Networks by 300.0% during the 4th quarter. Yorktown Management & Research Co Inc now owns 9,800 shares of the technology company’s stock worth $1,083,000 after purchasing an additional 7,350 shares in the last quarter. Stratos Wealth Advisors LLC boosted its holdings in shares of Arista Networks by 94.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 4,700 shares of the technology company’s stock valued at $519,000 after acquiring an additional 2,287 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in Arista Networks by 335.6% in the 4th quarter. Stratos Wealth Partners LTD. now owns 9,278 shares of the technology company’s stock valued at $1,025,000 after buying an additional 7,148 shares during the last quarter. Yousif Capital Management LLC lifted its holdings in shares of Arista Networks by 251.4% during the fourth quarter. Yousif Capital Management LLC now owns 130,925 shares of the technology company’s stock worth $14,471,000 after purchasing an additional 93,668 shares during the period. Finally, Retirement Systems of Alabama increased its stake in shares of Arista Networks by 297.1% in the fourth quarter. Retirement Systems of Alabama now owns 223,655 shares of the technology company’s stock valued at $24,721,000 after buying an additional 167,335 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on ANET shares. The Goldman Sachs Group upped their price target on shares of Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Rosenblatt Securities lifted their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a report on Friday, November 8th. Barclays cut their target price on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. Evercore ISI upped their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, UBS Group lifted their target price on Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $105.83.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Monday, January 6th. The shares were 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 of the company’s stock, valued at $1,537,266.72. The trade was a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $112.02, for a total transaction of $896,160.00. Following the transaction, the director now directly owns 155,784 shares of the company’s stock, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 255,832 shares of company stock valued at $28,538,497 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Stock Down 0.3 %

Shares of ANET opened at $115.11 on Friday. The business’s 50-day moving average price is $112.58 and its 200-day moving average price is $99.48. The stock has a market cap of $145.01 billion, a PE ratio of 55.34, a P/E/G ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a twelve month low of $60.08 and a twelve month high of $133.57.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.52 by $0.08. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The firm’s revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 earnings per share. Analysts expect that Arista Networks, Inc. will post 1.97 earnings per share for the current fiscal year.

About Arista Networks

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.