Zevenbergen Capital Investments LLC Raises Position in Arista Networks, Inc. (NYSE:ANET)

Zevenbergen Capital Investments LLC grew its position in shares of Arista Networks, Inc. (NYSE:ANET) by 299.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 253,100 shares of the technology company’s stock after purchasing an additional 189,750 shares during the period. Zevenbergen Capital Investments LLC’s holdings in Arista Networks were worth $27,975,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Arista Networks during the third quarter valued at about $1,417,000. LPL Financial LLC lifted its position in shares of Arista Networks by 2.0% during the third quarter. LPL Financial LLC now owns 250,416 shares of the technology company’s stock worth $96,114,000 after purchasing an additional 4,952 shares during the last quarter. Eagle Asset Management Inc. increased its holdings in Arista Networks by 21.1% in the third quarter. Eagle Asset Management Inc. now owns 16,130 shares of the technology company’s stock valued at $6,459,000 after buying an additional 2,807 shares during the last quarter. Raymond James Trust N.A. grew its position in shares of Arista Networks by 2.9% in the 3rd quarter. Raymond James Trust N.A. now owns 2,538 shares of the technology company’s stock worth $974,000 after acquiring an additional 71 shares in the last quarter. Finally, Nicolet Advisory Services LLC increased its holdings in shares of Arista Networks by 10.0% in the 3rd quarter. Nicolet Advisory Services LLC now owns 909 shares of the technology company’s stock valued at $355,000 after acquiring an additional 83 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Morgan Stanley upped their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the transaction, the director now directly owns 163,784 shares in the company, valued at $18,263,553.84. This represents a 4.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction on 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 sale, the chief executive officer now owns 92,641 shares in the company, valued at $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 ninety days, insiders have sold 491,001 shares of company stock valued at $49,112,111. 3.54% of the stock is owned by insiders.

Arista Networks Stock Performance

Shares of ANET stock opened at $83.26 on Monday. The stock’s 50 day simple moving average is $102.53 and its 200 day simple moving average is $101.89. Arista Networks, Inc. has a twelve month low of $60.08 and a twelve month high of $133.58. The company has a market capitalization of $104.99 billion, a price-to-earnings ratio of 37.50, a PEG ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.90 billion. On average, analysts forecast that Arista Networks, Inc. will post 2.2 EPS 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.