ZEGA Investments LLC Takes Position in Arista Networks, Inc. (NYSE:ANET)

ZEGA Investments LLC bought a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 16,701 shares of the technology company's stock, valued at approximately $1,846,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its position in shares of Arista Networks by 5.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 61,991 shares of the technology company's stock worth $23,793,000 after buying an additional 3,273 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Arista Networks during the 3rd quarter worth $1,417,000. First Horizon Advisors Inc. raised its stake in Arista Networks by 20.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 963 shares of the technology company's stock worth $370,000 after acquiring an additional 165 shares in the last quarter. Citizens Financial Group Inc. RI lifted its position in Arista Networks by 67.3% in the third quarter. Citizens Financial Group Inc. RI now owns 2,920 shares of the technology company's stock valued at $1,121,000 after acquiring an additional 1,175 shares during the last quarter. Finally, LPL Financial LLC boosted its stake in Arista Networks by 2.0% in the third quarter. LPL Financial LLC now owns 250,416 shares of the technology company's stock valued at $96,114,000 after acquiring an additional 4,952 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $112.02, for a total transaction of $896,160.00. Following the transaction, the director now directly owns 155,784 shares in the company, valued at approximately $17,450,923.68. This represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the sale, the senior vice president now owns 12,976 shares of the company's stock, valued at approximately $1,101,013.60. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 491,001 shares of company stock valued at $49,112,111. 3.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. StockNews.com cut Arista Networks from a "buy" rating to a "hold" rating in a research report on Thursday, December 12th. Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Piper Sandler reissued a "neutral" rating and issued a $108.00 price objective (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Barclays restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and upped their price target for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and an average price target of $114.00.

Arista Networks Trading Down 0.7 %

Shares of Arista Networks stock traded down $0.64 on Tuesday, reaching $86.87. 7,776,843 shares of the stock were exchanged, compared to its average volume of 8,570,789. The firm has a market capitalization of $109.55 billion, a PE ratio of 39.13, a PEG 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 business has a fifty day moving average price of $102.03 and a two-hundred day moving average price of $101.92.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current 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.