Handelsbanken Fonder AB Boosts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Handelsbanken Fonder AB increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 277.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 645,811 shares of the technology company's stock after buying an additional 474,804 shares during the period. Handelsbanken Fonder AB owned about 0.05% of Arista Networks worth $71,381,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. OLD National Bancorp IN boosted its stake in shares of 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 during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Arista Networks by 2.0% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 3,548 shares of the technology company's stock valued at $1,362,000 after acquiring an additional 68 shares in the last quarter. Raleigh Capital Management Inc. lifted its position in shares of Arista Networks by 16.6% during the 3rd quarter. Raleigh Capital Management Inc. now owns 540 shares of the technology company's stock worth $207,000 after purchasing an additional 77 shares during the last quarter. Foundations Investment Advisors LLC grew its stake in shares of Arista Networks by 5.0% during the third quarter. Foundations Investment Advisors LLC now owns 653 shares of the technology company's stock worth $251,000 after purchasing an additional 31 shares in the last quarter. Finally, Vicus Capital purchased a new position in Arista Networks in the third quarter valued at $211,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Friday, December 6th. The stock was 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 directly owns 12,976 shares of the company's stock, 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 SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the company's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 259,944 shares of company stock valued at $30,214,186. Corporate insiders own 3.54% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Rosenblatt Securities reissued a "sell" rating and set a $80.00 price objective on shares of Arista Networks in a report on Tuesday. UBS Group upped their price objective on shares of Arista Networks from $106.00 to $112.00 and gave the company a "neutral" rating in a research note on Wednesday. Barclays lifted their target price on Arista Networks from $125.00 to $126.00 and gave the stock an "overweight" rating in a research report on Wednesday. Morgan Stanley raised their price target 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, Piper Sandler reaffirmed a "neutral" rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $113.79.

Arista Networks Stock Performance

Arista Networks stock traded down $5.10 during trading hours on Friday, reaching $98.31. 11,092,236 shares of the stock were exchanged, compared to its average volume of 9,932,076. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.57. The stock has a market cap of $123.84 billion, a P/E ratio of 44.28, a P/E/G ratio of 2.79 and a beta of 1.09. 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 released its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm had revenue of $1.93 billion during the quarter, compared to analysts' expectations of $1.90 billion. Equities research analysts expect that Arista Networks, Inc. will post 2.18 EPS for the current fiscal year.

About Arista Networks

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.