Cannell & Spears LLC Increases Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Cannell & Spears LLC raised its holdings in Arista Networks, Inc. (NYSE:ANET) by 300.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,249 shares of the technology company’s stock after buying an additional 8,439 shares during the quarter. Cannell & Spears LLC’s holdings in Arista Networks were worth $1,243,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ANET. Public Sector Pension Investment Board grew its position in Arista Networks by 23.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 10,092 shares of the technology company’s stock worth $3,874,000 after purchasing an additional 1,900 shares during the last quarter. Cobblestone Capital Advisors LLC NY purchased a new stake in shares of Arista Networks during the third quarter valued at $214,000. True Wealth Design LLC increased its position in shares of Arista Networks by 2,133.3% in the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after acquiring an additional 128 shares during the period. Erste Asset Management GmbH purchased a new position in Arista Networks in the 3rd quarter worth $16,941,000. Finally, Point72 Hong Kong Ltd acquired a new stake in Arista Networks during the 3rd quarter worth about $2,648,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction that occurred 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 owns 12,976 shares in the company, valued at $1,537,266.72. This trade represents a 86.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total value of $892,080.00. Following the sale, the director now owns 163,784 shares of the company’s stock, valued at $18,263,553.84. The trade was a 4.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock valued at $49,112,111 over the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ANET shares. Morgan Stanley increased their price objective on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Citigroup upped their price objective on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Needham & Company LLC reissued a “buy” rating and set a $145.00 target price on shares of Arista Networks in a report on Wednesday, February 19th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a report 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, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Trading Down 0.6 %

Shares of ANET stock opened at $77.48 on Tuesday. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.58. The business’s 50 day moving average is $98.31 and its two-hundred day moving average is $101.83. The company has a market capitalization of $97.71 billion, a P/E ratio of 34.90, a P/E/G ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last announced its earnings results 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 analyst estimates 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 predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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.