Faithward Advisors LLC Raises Stake in Arista Networks, Inc. (NYSE:ANET)

Faithward Advisors LLC grew its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 293.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,065 shares of the technology company's stock after acquiring an additional 43,305 shares during the quarter. Arista Networks comprises about 1.1% of Faithward Advisors LLC's portfolio, making the stock its 21st biggest position. Faithward Advisors LLC's holdings in Arista Networks were worth $6,418,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in ANET. Vanguard Group Inc. increased its position in shares of Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after purchasing an additional 72,311,318 shares in the last quarter. FMR LLC increased its position in Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after buying an additional 44,269,572 shares in the last quarter. Geode Capital Management LLC raised its stake in Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after buying an additional 18,293,874 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Arista Networks during the fourth quarter worth about $1,397,833,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

Several equities analysts recently commented on ANET shares. Evercore ISI lifted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. Piper Sandler decreased their price target on shares of Arista Networks from $108.00 to $76.00 and set a "neutral" rating for the company in a report on Tuesday. Barclays reissued an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Citigroup raised their target price on Arista Networks from $115.00 to $121.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. Finally, Morgan Stanley dropped their price target on Arista Networks from $118.00 to $73.00 and set an "overweight" rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $108.50.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now directly owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This trade represents a 5.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 138,351 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 411,031 shares of company stock worth $39,364,943 over the last three months. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Performance

NYSE ANET traded down $0.15 during mid-day trading on Friday, reaching $72.50. 11,224,936 shares of the stock were exchanged, compared to its average volume of 9,205,073. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The business's 50 day moving average is $88.74 and its 200-day moving average is $100.12. The company has a market capitalization of $91.43 billion, a P/E ratio of 32.66, a P/E/G ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.02. The firm had revenue of $1.93 billion for the quarter, compared to analysts' expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Equities analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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.