Advisory Services Network LLC Has $19.72 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Advisory Services Network LLC grew its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 294.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 178,417 shares of the technology company's stock after purchasing an additional 133,187 shares during the quarter. Advisory Services Network LLC's holdings in Arista Networks were worth $19,720,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Greenland Capital Management LP lifted its stake in Arista Networks by 496.0% in the fourth quarter. Greenland Capital Management LP now owns 44,841 shares of the technology company's stock valued at $4,956,000 after buying an additional 37,317 shares during the period. Sand Hill Global Advisors LLC boosted its stake in Arista Networks by 301.9% during the 4th quarter. Sand Hill Global Advisors LLC now owns 13,061 shares of the technology company's stock worth $1,444,000 after acquiring an additional 9,811 shares during the last quarter. Renaissance Group LLC grew its holdings in Arista Networks by 285.5% during the fourth quarter. Renaissance Group LLC now owns 358,733 shares of the technology company's stock valued at $39,651,000 after purchasing an additional 265,668 shares during the period. Renaissance Technologies LLC increased its stake in Arista Networks by 192.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,000,100 shares of the technology company's stock valued at $110,541,000 after purchasing an additional 658,300 shares in the last quarter. Finally, Bank of Nova Scotia increased its stake in Arista Networks by 246.8% in the fourth quarter. Bank of Nova Scotia now owns 500,565 shares of the technology company's stock valued at $55,383,000 after purchasing an additional 356,211 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ANET shares. Citigroup boosted their price target on shares of Arista Networks from $115.00 to $121.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. The Goldman Sachs Group restated a "buy" rating on shares of Arista Networks in a report on Monday, March 3rd. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Evercore ISI upped their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an "outperform" rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Arista Networks presently has a consensus rating of "Moderate Buy" and an average price target of $108.50.

Arista Networks Trading Down 0.2 %

Shares of NYSE:ANET traded down $0.15 during trading on Friday, hitting $72.50. 11,224,936 shares of the company were exchanged, compared to its average volume of 9,205,073. The stock has a market cap of $91.43 billion, a price-to-earnings ratio of 32.66, a P/E/G ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The firm has a fifty day moving average price of $88.74 and a two-hundred day moving average price of $100.12.

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 for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Activity

In related news, SVP Marc Taxay sold 51,848 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the 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 completion of 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 411,031 shares of company stock valued at $39,364,943. 3.54% of the stock is owned by company insiders.

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.