Fortis Capital Management LLC Has $6.09 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Fortis Capital Management LLC grew its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 391.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,110 shares of the technology company's stock after acquiring an additional 43,892 shares during the period. Arista Networks accounts for approximately 1.1% of Fortis Capital Management LLC's holdings, making the stock its 20th largest position. Fortis Capital Management LLC's holdings in Arista Networks were worth $6,091,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Stock Yards Bank & Trust Co. bought a new stake in Arista Networks during the fourth quarter worth approximately $242,000. GHE LLC boosted its holdings in shares of Arista Networks by 319.0% during the 4th quarter. GHE LLC now owns 28,368 shares of the technology company's stock worth $3,136,000 after buying an additional 21,597 shares during the period. Colonial River Investments LLC grew its stake in Arista Networks by 327.6% in the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after buying an additional 7,466 shares during the last quarter. Unified Investment Management acquired a new position in Arista Networks during the 4th quarter worth $630,000. Finally, Berkshire Capital Holdings Inc. boosted its position in shares of Arista Networks by 257.6% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock valued at $8,505,000 after acquiring an additional 55,430 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

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Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 51,848 shares of Arista Networks stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,537,266.72. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 491,001 shares of company stock valued at $49,112,111. Company insiders own 3.54% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on ANET shares. Morgan Stanley raised their price target 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. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Needham & Company LLC restated a "buy" rating and issued a $145.00 price target on shares of Arista Networks in a research report on Wednesday, February 19th. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. One investment 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 target price of $114.00.

Arista Networks Price Performance

Shares of Arista Networks stock traded down $0.64 during trading on Tuesday, hitting $86.87. 7,776,843 shares of the company were exchanged, compared to its average volume of 8,568,825. The firm has a market capitalization of $109.55 billion, a P/E ratio of 39.13, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. The firm's fifty day moving average price is $101.47 and its 200 day moving average price is $101.98. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating 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 firm had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current 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.