Capital World Investors Boosts Position in Arista Networks, Inc. (NYSE:ANET)

Capital World Investors boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 28.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,294,361 shares of the technology company's stock after purchasing an additional 1,632,475 shares during the period. Capital World Investors owned about 0.58% of Arista Networks worth $806,246,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Caitlin John LLC lifted its stake in shares of Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC increased its stake in shares of Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after acquiring an additional 191 shares in the last quarter. Cranbrook Wealth Management LLC boosted its stake in 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 acquiring an additional 198 shares in the last quarter. Trust Co. of Vermont lifted 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 purchasing an additional 198 shares during the last quarter. Finally, New Millennium Group LLC grew its stake in shares of 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 buying an additional 195 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Up 6.6 %

NYSE ANET traded up $4.64 during trading hours on Thursday, reaching $75.40. The company's stock had a trading volume of 6,232,150 shares, compared to its average volume of 11,205,820. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.57. The firm's 50-day moving average price is $81.85 and its 200-day moving average price is $98.68. The company has a market capitalization of $94.67 billion, a price-to-earnings ratio of 34.00, a PEG ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion for the quarter, compared to analysts' expectations of $1.90 billion. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal 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 Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the transaction, the director now owns 139,784 shares in the company, valued at $10,840,249.20. The trade was a 5.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at approximately $1,500,155.36. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 410,863 shares of company stock worth $39,344,612. 3.54% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ANET has been the subject of several analyst reports. Evercore ISI reduced their price target on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. The Goldman Sachs Group reiterated a "buy" rating on shares of Arista Networks in a report on Monday, March 3rd. JPMorgan Chase & Co. cut their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and increased their price objective for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Finally, Piper Sandler reduced their price target on shares of Arista Networks from $108.00 to $76.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Arista Networks currently has a consensus rating of "Moderate Buy" and a consensus target price of $104.29.

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.