Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 295.1% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,027,018 shares of the technology company's stock after acquiring an additional 1,513,977 shares during the period. Lord Abbett & CO. LLC owned approximately 0.16% of Arista Networks worth $224,046,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ANET. Caitlin John LLC grew its position in Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after purchasing an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC lifted its stake in shares of Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares during the period. Cranbrook Wealth Management LLC lifted its stake in shares of Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock worth $29,000 after buying an additional 198 shares during the period. Trust Co. of Vermont grew its holdings in shares of Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after buying an additional 198 shares during the last quarter. Finally, New Millennium Group LLC raised its stake in Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 195 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Up 3.5 %

Shares of Arista Networks stock traded up $2.67 on Friday, reaching $77.96. The company's stock had a trading volume of 12,456,039 shares, compared to its average volume of 9,098,187. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The company has a market capitalization of $97.89 billion, a P/E ratio of 35.12, a PEG ratio of 3.10 and a beta of 1.30. The stock has a 50-day moving average price of $80.57 and a 200-day moving average price of $98.34.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.93 billion during the quarter, compared to analysts' expectations of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on ANET shares. Needham & Company LLC reiterated a "buy" rating and set a $145.00 price target on shares of Arista Networks in a research note on Wednesday, February 19th. Morgan Stanley dropped their target price on Arista Networks from $118.00 to $73.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their price objective on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Arista Networks in a research report on Monday, March 3rd. One 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. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $104.29.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. Insiders sold 412,355 shares of company stock valued at $39,446,799 over the last 90 days. 3.54% of the stock is currently owned by corporate 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.