Zevenbergen Capital Investments LLC Grows Stake in Arista Networks, Inc. (NYSE:ANET)

Zevenbergen Capital Investments LLC boosted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 299.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 253,100 shares of the technology company's stock after acquiring an additional 189,750 shares during the quarter. Zevenbergen Capital Investments LLC's holdings in Arista Networks were worth $27,975,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ANET. Prudential Financial Inc. raised its stake in Arista Networks by 201.2% during the 4th quarter. Prudential Financial Inc. now owns 1,640,616 shares of the technology company's stock worth $181,337,000 after acquiring an additional 1,095,948 shares during the period. Interchange Capital Partners LLC grew its position in shares of Arista Networks by 289.7% during the fourth quarter. Interchange Capital Partners LLC now owns 9,301 shares of the technology company's stock worth $1,028,000 after purchasing an additional 6,914 shares in the last quarter. Hershey Financial Advisers LLC purchased a new stake in Arista Networks during the 4th quarter valued at approximately $2,344,000. Corebridge Financial Inc. lifted its stake in Arista Networks by 299.7% in the 4th quarter. Corebridge Financial Inc. now owns 282,450 shares of the technology company's stock worth $31,219,000 after purchasing an additional 211,777 shares in the last quarter. Finally, United Services Automobile Association bought a new position in shares of Arista Networks during the 4th quarter valued at about $2,628,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 138,351 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 92,641 shares of the company's stock, valued at $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the sale, the director now directly owns 8,128 shares in the company, valued at $870,752.64. This trade represents a 15.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock worth $49,112,111 over the last three months. 3.54% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on ANET. Morgan Stanley boosted their target price on Arista Networks from $102.50 to $118.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 17th. StockNews.com cut shares of Arista Networks from a "buy" rating to a "hold" rating in a research report on Thursday, December 12th. Piper Sandler reiterated a "neutral" rating and set a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Arista Networks presently has a consensus rating of "Moderate Buy" and an average price target of $114.00.

Arista Networks Price Performance

ANET stock traded down $0.64 during mid-day trading on Tuesday, reaching $86.87. The company had a trading volume of 7,775,434 shares, compared to its average volume of 8,570,789. The company has a market capitalization of $109.55 billion, a PE ratio of 39.13, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. The firm has a 50 day moving average of $102.03 and a 200 day moving average of $101.92. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate 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. Analysts anticipate 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.