Primecap Management Co. CA Buys 12,600 Shares of Arista Networks, Inc. (NYSE:ANET)

Primecap Management Co. CA lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 300.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,800 shares of the technology company’s stock after buying an additional 12,600 shares during the period. Primecap Management Co. CA’s holdings in Arista Networks were worth $1,857,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Quest Partners LLC grew its holdings in shares of Arista Networks by 149.2% during the 3rd quarter. Quest Partners LLC now owns 2,896 shares of the technology company’s stock worth $1,112,000 after purchasing an additional 1,734 shares in the last quarter. Pathstone Holdings LLC boosted its stake in Arista Networks by 6.4% during the third quarter. Pathstone Holdings LLC now owns 25,697 shares of the technology company’s stock worth $9,863,000 after buying an additional 1,554 shares in the last quarter. Caprock Group LLC increased its holdings in Arista Networks by 24.8% in the 3rd quarter. Caprock Group LLC now owns 7,429 shares of the technology company’s stock valued at $2,851,000 after buying an additional 1,475 shares during the period. Meeder Asset Management Inc. raised its stake in shares of Arista Networks by 52.5% in the 3rd quarter. Meeder Asset Management Inc. now owns 183 shares of the technology company’s stock valued at $70,000 after buying an additional 63 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in shares of Arista Networks by 4.4% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,348 shares of the technology company’s stock worth $2,053,000 after acquiring an additional 226 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other 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 transaction 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. This trade represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at $8,697,137.08. This trade represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 491,001 shares of company stock worth $49,112,111. 3.54% of the stock is owned by insiders.

Arista Networks Stock Performance

Shares of ANET opened at $84.38 on Thursday. The firm has a market capitalization of $106.42 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a 52 week low of $60.08 and a 52 week high of $133.58. The business’s fifty day moving average price is $103.81 and its two-hundred day moving average price is $101.77.

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

Analysts Set New Price Targets

ANET has been the topic of a number of analyst reports. Barclays reissued an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Piper Sandler restated a “neutral” rating and set a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Evercore ISI upped their price target on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Morgan Stanley increased their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $114.00.

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.