492,000 Shares in Arista Networks, Inc. (NYSE:ANET) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 492,000 shares of the technology company's stock, valued at approximately $54,381,000.

Several other hedge funds have also modified their holdings of the stock. Stock Yards Bank & Trust Co. acquired a new position in Arista Networks in the 4th quarter worth $242,000. GHE LLC lifted its stake in shares of Arista Networks by 319.0% in the fourth quarter. GHE LLC now owns 28,368 shares of the technology company's stock worth $3,136,000 after acquiring an additional 21,597 shares in the last quarter. Colonial River Investments LLC boosted its holdings in Arista Networks by 327.6% in the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after purchasing an additional 7,466 shares during the last quarter. Unified Investment Management acquired a new stake in Arista Networks during the 4th quarter valued at approximately $630,000. Finally, Berkshire Capital Holdings Inc. increased its holdings in Arista Networks by 257.6% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock worth $8,505,000 after purchasing an additional 55,430 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Price Performance

Shares of NYSE ANET traded down $0.64 during mid-day trading on Tuesday, hitting $86.87. The company had a trading volume of 7,776,843 shares, compared to its average volume of 8,572,881. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.58. The stock has a market cap of $109.55 billion, a price-to-earnings ratio of 39.13, a PEG ratio of 3.10 and a beta of 1.08. The firm's 50 day simple moving average is $101.47 and its two-hundred day simple moving average is $101.98.

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Arista Networks (NYSE:ANET - Get Free Report) last posted 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. 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 analysts' expectations of $1.90 billion. Equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the transaction, the chief executive officer now owns 92,641 shares of the company's stock, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the sale, the director now owns 8,128 shares in the company, valued at approximately $870,752.64. This represents a 15.47 % 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 worth $49,112,111 in the last ninety days. 3.54% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on ANET. Citigroup increased their target price on Arista Networks from $115.00 to $121.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Morgan Stanley raised 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 restated an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Piper Sandler reaffirmed a "neutral" rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Finally, Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Arista Networks has a consensus rating of "Moderate Buy" and a consensus price target of $114.00.

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.