Victory Capital Management Inc. Raises Holdings in Arista Networks, Inc. (NYSE:ANET)

Victory Capital Management Inc. increased its holdings in Arista Networks, Inc. (NYSE:ANET) by 295.4% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,588,682 shares of the technology company’s stock after acquiring an additional 1,186,841 shares during the period. Victory Capital Management Inc. owned approximately 0.13% of Arista Networks worth $175,597,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. State Street Corp grew its position in Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after acquiring an additional 411,109 shares during the period. Swedbank AB grew its position in Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after acquiring an additional 5,034,022 shares during the period. Charles Schwab Investment Management Inc. grew its position in Arista Networks by 320.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock worth $713,721,000 after acquiring an additional 4,919,882 shares during the period. Bank of New York Mellon Corp grew its position in Arista Networks by 294.1% in the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock worth $678,308,000 after acquiring an additional 4,579,622 shares during the period. Finally, WCM Investment Management LLC grew its position in Arista Networks by 292.8% in the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock worth $674,627,000 after acquiring an additional 4,512,166 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Price Performance

Arista Networks stock opened at $85.26 on Wednesday. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.57. The stock has a market cap of $107.53 billion, a PE ratio of 38.41, a P/E/G ratio of 3.10 and a beta of 1.09. The stock’s fifty day moving average is $110.66 and its two-hundred day moving average is $102.25.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now owns 163,784 shares of the company’s stock, valued at $18,263,553.84. This trade represents a 4.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 431,441 shares of company stock valued at $45,713,162. 3.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ANET has been the topic of a number of research reports. Morgan Stanley upped their price target on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research note on Wednesday, February 19th. Piper Sandler restated a “neutral” rating and set a $108.00 price target (up from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Finally, The Goldman Sachs Group upped their price target on Arista Networks from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $113.79.

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.