Giverny Capital Inc. Buys 303,758 Shares of Arista Networks, Inc. (NYSE:ANET)

Giverny Capital Inc. lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 284.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 410,428 shares of the technology company's stock after buying an additional 303,758 shares during the quarter. Arista Networks makes up about 1.7% of Giverny Capital Inc.'s investment portfolio, making the stock its 23rd largest holding. Giverny Capital Inc.'s holdings in Arista Networks were worth $45,365,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. SageView Advisory Group LLC lifted its position in shares of Arista Networks by 279.0% in the 4th quarter. SageView Advisory Group LLC now owns 3,494 shares of the technology company's stock worth $386,000 after buying an additional 2,572 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in shares of Arista Networks by 285.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,065 shares of the technology company's stock worth $1,112,000 after acquiring an additional 7,456 shares during the last quarter. Synovus Financial Corp boosted its holdings in shares of Arista Networks by 289.1% in the fourth quarter. Synovus Financial Corp now owns 21,842 shares of the technology company's stock worth $2,414,000 after buying an additional 16,229 shares during the period. BTG Pactual Asset Management US LLC boosted its position in shares of Arista Networks by 360.9% in the fourth quarter. BTG Pactual Asset Management US LLC now owns 21,518 shares of the technology company's stock worth $2,398,000 after buying an additional 16,849 shares during the period. Finally, Altman Advisors Inc. increased its stake in Arista Networks by 292.5% in the 4th quarter. Altman Advisors Inc. now owns 23,010 shares of the technology company's stock valued at $2,543,000 after buying an additional 17,148 shares during the period. Institutional investors own 82.47% of the company's stock.

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Analyst Ratings Changes

ANET has been the subject of several research 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. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Piper Sandler reduced their price objective 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. Barclays reissued an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $104.29.

Arista Networks Stock Up 0.2 %

NYSE ANET traded up $0.17 during midday trading on Tuesday, hitting $73.76. The company had a trading volume of 627,339 shares, compared to its average volume of 9,124,016. The firm has a fifty day simple moving average of $87.90 and a two-hundred day simple moving average of $99.99. The stock has a market cap of $93.02 billion, a price-to-earnings ratio of 33.32, a P/E/G ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58.

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

Insiders Place Their Bets

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the sale, the director now owns 8,128 shares of the company's stock, valued at $870,752.64. This represents a 15.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 138,351 shares of the company's stock in a transaction that occurred on 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. Over the last ninety days, insiders have sold 411,031 shares of company stock valued at $39,364,943. 3.54% of the stock is currently owned by insiders.

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.