AXQ Capital LP Buys 4,612 Shares of Arista Networks, Inc. (NYSE:ANET)

AXQ Capital LP lifted its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 135.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,006 shares of the technology company's stock after buying an additional 4,612 shares during the period. AXQ Capital LP's holdings in Arista Networks were worth $885,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp increased its position in shares of Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company's stock valued at $4,313,229,000 after acquiring an additional 411,109 shares during the period. Swedbank AB raised its holdings in Arista Networks by 293.2% in the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company's stock worth $746,165,000 after purchasing an additional 5,034,022 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Arista Networks by 320.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company's stock valued at $713,721,000 after purchasing an additional 4,919,882 shares in the last quarter. Amundi boosted its stake in shares of Arista Networks by 196.3% during the 4th quarter. Amundi now owns 6,342,064 shares of the technology company's stock valued at $732,493,000 after purchasing an additional 4,201,973 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Arista Networks by 294.1% during the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company's stock valued at $678,308,000 after buying an additional 4,579,622 shares during the period. Institutional investors own 82.47% of the company's stock.

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Arista Networks Trading Down 0.7 %

ANET stock traded down $0.64 during midday trading on Tuesday, hitting $86.87. The company's stock had a trading volume of 7,776,843 shares, compared to its average volume of 8,572,881. The firm's 50-day moving average is $101.47 and its 200-day moving average is $101.98. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.58. The company has a market cap of $109.55 billion, a PE ratio of 39.13, a P/E/G ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly 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 firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the sale, the director now directly owns 163,784 shares in the company, valued at approximately $18,263,553.84. The trade was a 4.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 51,848 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock valued at $49,112,111 in the last 90 days. 3.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Evercore ISI lifted their price objective on Arista Networks from $110.00 to $130.00 and gave the company an "outperform" rating in a research report on Friday, January 17th. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. StockNews.com lowered Arista Networks from a "buy" rating to a "hold" rating in a research report on Thursday, December 12th. Morgan Stanley upped their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 17th. Finally, Piper Sandler restated a "neutral" rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average 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.