Convergence Investment Partners LLC Raises Holdings in Arista Networks, Inc. (NYSE:ANET)

Convergence Investment Partners LLC increased its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 537.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,523 shares of the technology company's stock after purchasing an additional 47,652 shares during the quarter. Arista Networks makes up 1.4% of Convergence Investment Partners LLC's portfolio, making the stock its 9th largest holding. Convergence Investment Partners LLC's holdings in Arista Networks were worth $6,247,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Capital Investment Advisors LLC boosted its holdings in Arista Networks by 25.0% during the third quarter. Capital Investment Advisors LLC now owns 795 shares of the technology company's stock valued at $305,000 after purchasing an additional 159 shares in the last quarter. Cyndeo Wealth Partners LLC bought a new position in shares of Arista Networks during the 3rd quarter worth approximately $291,000. OLD National Bancorp IN boosted its stake in Arista Networks by 6.0% in the 3rd quarter. OLD National Bancorp IN now owns 1,087 shares of the technology company's stock valued at $417,000 after buying an additional 62 shares in the last quarter. Trilogy Capital Inc. grew its position in Arista Networks by 23.4% in the third quarter. Trilogy Capital Inc. now owns 4,779 shares of the technology company's stock valued at $1,834,000 after acquiring an additional 906 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. raised its stake in Arista Networks by 2.0% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 3,548 shares of the technology company's stock worth $1,362,000 after acquiring an additional 68 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Performance

Arista Networks stock traded down $5.10 during trading hours on Friday, reaching $98.31. 13,984,341 shares of the company's stock traded hands, compared to its average volume of 10,062,921. The firm has a market capitalization of $123.84 billion, a price-to-earnings ratio of 44.28, a PEG ratio of 2.79 and a beta of 1.09. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The firm's 50 day moving average is $113.94 and its 200-day moving average is $101.57.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly 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. 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 during the quarter, compared to the consensus estimate of $1.90 billion. Analysts predict that Arista Networks, Inc. will post 2.18 EPS for the current year.

Insider Buying and Selling at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,405,171.04. The trade was a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total transaction of $825,300.00. Following the completion of the sale, the director now owns 42,946 shares in the company, valued at approximately $17,721,666.90. This trade represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 259,944 shares of company stock worth $30,214,186. Insiders own 3.54% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on ANET. StockNews.com downgraded shares of Arista Networks from a "buy" rating to a "hold" rating in a research note on Thursday, December 12th. Piper Sandler reissued a "neutral" rating and issued a $108.00 target price (up from $106.00) on shares of Arista Networks in a report on Wednesday. Rosenblatt Securities reaffirmed a "sell" rating and set a $80.00 price target on shares of Arista Networks in a report on Tuesday. Morgan Stanley boosted their price objective on Arista Networks from $102.50 to $118.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 17th. Finally, The Goldman Sachs Group increased their target price on Arista Networks from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $113.79.

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.