Pier 88 Investment Partners LLC Purchases 3,810 Shares of Arista Networks, Inc. (NYSE:ANET)

Pier 88 Investment Partners LLC lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 94.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,840 shares of the technology company’s stock after acquiring an additional 3,810 shares during the period. Pier 88 Investment Partners LLC’s holdings in Arista Networks were worth $867,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. AIA Group Ltd increased its holdings in shares of Arista Networks by 118.8% in the 4th quarter. AIA Group Ltd now owns 37,814 shares of the technology company’s stock worth $4,180,000 after purchasing an additional 20,528 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Arista Networks by 313.9% during the fourth quarter. Wellington Management Group LLP now owns 11,013,511 shares of the technology company’s stock valued at $1,217,323,000 after buying an additional 8,352,816 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in Arista Networks by 359.2% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 92,467 shares of the technology company’s stock worth $10,220,000 after buying an additional 72,332 shares in the last quarter. Clearbridge Investments LLC raised its position in Arista Networks by 288.1% in the 4th quarter. Clearbridge Investments LLC now owns 1,477,237 shares of the technology company’s stock worth $163,279,000 after buying an additional 1,096,568 shares during the last quarter. Finally, IPG Investment Advisors LLC raised its position in Arista Networks by 294.2% in the 4th quarter. IPG Investment Advisors LLC now owns 16,860 shares of the technology company’s stock worth $1,864,000 after buying an additional 12,583 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $145.00 price target on shares of Arista Networks in a research note on Wednesday, February 19th. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and raised their target price for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Morgan Stanley boosted their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Rosenblatt Securities restated a “sell” rating and issued a $80.00 price target on shares of Arista Networks in a research note on Tuesday, February 18th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $77.91 on Monday. The company has a market capitalization of $98.25 billion, a P/E ratio of 35.09, a P/E/G ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58. The firm’s 50 day simple moving average is $99.16 and its two-hundred day simple moving average is $101.91.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share 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 analysts’ expectations of $1.90 billion. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In other Arista Networks news, 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 value 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. The trade was a 59.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were 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 of the company’s stock, valued at approximately $1,537,266.72. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock valued at $49,112,111 over the last 90 days. Company insiders own 3.54% of the company’s stock.

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.