Concurrent Investment Advisors LLC Raises Position in Arista Networks, Inc. (NYSE:ANET)

Concurrent Investment Advisors LLC increased its holdings in Arista Networks, Inc. (NYSE:ANET) by 456.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 15,512 shares of the technology company’s stock after acquiring an additional 12,725 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Arista Networks were worth $1,715,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ANET. Meitav Investment House Ltd. bought a new position in Arista Networks in the fourth quarter valued at $939,000. Handelsbanken Fonder AB increased its stake in Arista Networks by 277.7% in the fourth quarter. Handelsbanken Fonder AB now owns 645,811 shares of the technology company’s stock valued at $71,381,000 after acquiring an additional 474,804 shares during the last quarter. Wealth Alliance increased its stake in Arista Networks by 292.0% in the fourth quarter. Wealth Alliance now owns 42,492 shares of the technology company’s stock valued at $4,697,000 after acquiring an additional 31,652 shares during the last quarter. Ieq Capital LLC increased its stake in Arista Networks by 424.1% in the fourth quarter. Ieq Capital LLC now owns 203,703 shares of the technology company’s stock valued at $22,515,000 after acquiring an additional 164,836 shares during the last quarter. Finally, Private Wealth Partners LLC increased its stake in Arista Networks by 317.9% in the fourth quarter. Private Wealth Partners LLC now owns 6,992 shares of the technology company’s stock valued at $773,000 after acquiring an additional 5,319 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $98.31 on Friday. Arista Networks, Inc. has a 1 year low of $60.08 and a 1 year high of $133.57. The company has a market cap of $123.84 billion, a PE ratio of 44.28, a P/E/G ratio of 2.79 and a beta of 1.09. The stock’s 50-day moving average is $113.94 and its 200 day moving average is $101.57.

Arista Networks (NYSE:ANET) last announced its quarterly 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. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Analysts expect that Arista Networks, Inc. will post 2.18 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. The trade was a 86.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total value of $825,300.00. Following the sale, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 260,056 shares of company stock valued at $30,225,623. 3.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ANET has been the topic of a number of research analyst reports. Wells Fargo & Company increased their target price on Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday. Evercore ISI increased their target price on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 price objective on shares of Arista Networks in a research note on Wednesday. Barclays raised their price objective on Arista Networks from $125.00 to $126.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, The Goldman Sachs Group raised their price objective on Arista Networks from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday. 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.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.79.

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.