Arista Networks, Inc. (NYSE:ANET) Shares Bought by Geneva Partners LLC

Geneva Partners LLC increased its stake in Arista Networks, Inc. (NYSE:ANET) by 298.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 28,344 shares of the technology company’s stock after purchasing an additional 21,232 shares during the quarter. Arista Networks comprises about 1.3% of Geneva Partners LLC’s holdings, making the stock its 26th largest position. Geneva Partners LLC’s holdings in Arista Networks were worth $3,133,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. GW Henssler & Associates Ltd. lifted its position in shares of Arista Networks by 3.6% during the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock worth $24,274,000 after purchasing an additional 2,219 shares in the last quarter. Sumitomo Life Insurance Co. lifted its holdings in Arista Networks by 69.8% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock worth $3,465,000 after buying an additional 3,711 shares in the last quarter. Walkner Condon Financial Advisors LLC purchased a new position in Arista Networks in the 3rd quarter valued at about $2,318,000. Greenleaf Trust grew its stake in shares of Arista Networks by 20.1% during the third quarter. Greenleaf Trust now owns 13,224 shares of the technology company’s stock valued at $5,076,000 after acquiring an additional 2,216 shares in the last quarter. Finally, Forsta AP Fonden lifted its stake in shares of Arista Networks by 10.0% in the third quarter. Forsta AP Fonden now owns 72,800 shares of the technology company’s stock worth $27,942,000 after acquiring an additional 6,600 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Price Performance

NYSE ANET opened at $115.43 on Thursday. The company has a 50 day simple moving average of $112.28 and a 200-day simple moving average of $99.36. The firm has a market capitalization of $145.41 billion, a price-to-earnings ratio of 55.49, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.57.

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

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the transaction, the director now directly owns 42,946 shares in the company, valued at approximately $17,721,666.90. The trade was a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John F. Mccool sold 6,340 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $98.58, for a total value of $625,013.05. Following the sale, the insider now owns 288 shares of the company’s stock, valued at approximately $28,391.76. The trade was a 95.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 255,832 shares of company stock valued at $28,538,497 over the last three months. 3.54% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on ANET. Evercore ISI raised their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Piper Sandler reissued a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Morgan Stanley lifted their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Wells Fargo & Company raised their price target on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $105.83.

Arista Networks Company 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.