Kane Investment Management Inc. Makes New $661,000 Investment in Arista Networks, Inc. (NYSE:ANET)

Kane Investment Management Inc. purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 5,984 shares of the technology company's stock, valued at approximately $661,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Caitlin John LLC raised its position in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted its holdings in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares during the period. New Millennium Group LLC increased its position in shares of Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 195 shares in the last quarter. Cranbrook Wealth Management LLC raised its holdings in shares of Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after acquiring an additional 198 shares during the period. Finally, Trust Co. of Vermont lifted its position in shares of Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after acquiring an additional 198 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Arista Networks Stock Performance

Shares of Arista Networks stock traded down $0.77 on Friday, reaching $71.11. The stock had a trading volume of 8,564,418 shares, compared to its average volume of 9,122,801. The stock has a market cap of $89.67 billion, a P/E ratio of 32.03, a price-to-earnings-growth 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. The business's 50-day moving average price is $84.23 and its two-hundred day moving average price is $99.27.

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

Wall Street Analyst Weigh In

Several analysts have issued reports on ANET shares. Citigroup cut their target price on shares of Arista Networks from $121.00 to $92.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Barclays reissued an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Morgan Stanley lowered their target price on Arista Networks from $118.00 to $73.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Evercore ISI lowered their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $106.07.

Insider Activity at Arista Networks

In other Arista Networks 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 transaction of $620,400.00. Following the completion of the transaction, the director now owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the company's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the sale, the director now owns 8,128 shares in the company, valued at approximately $870,752.64. This represents a 15.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 411,031 shares of company stock worth $39,364,943. Company insiders own 3.54% of the company's stock.

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.