Kornitzer Capital Management Inc. KS Acquires 6,855 Shares of Arista Networks, Inc. (NYSE:ANET)

Kornitzer Capital Management Inc. KS grew its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 181.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,640 shares of the technology company's stock after buying an additional 6,855 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Arista Networks were worth $1,176,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ANET. Swedbank AB boosted its holdings in Arista Networks by 293.2% during the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company's stock worth $746,165,000 after buying an additional 5,034,022 shares during the last quarter. WCM Investment Management LLC increased its position in Arista Networks by 292.8% during the 4th quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company's stock worth $674,627,000 after buying an additional 4,512,166 shares during the period. Jennison Associates LLC raised its holdings in Arista Networks by 307.7% in the 4th quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company's stock valued at $512,056,000 after acquiring an additional 3,496,497 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Arista Networks by 306.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,433,425 shares of the technology company's stock valued at $268,966,000 after purchasing an additional 1,835,421 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Arista Networks by 322.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,323,157 shares of the technology company's stock valued at $259,557,000 after buying an additional 1,773,777 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Insider Transactions at Arista Networks

In other news, insider John F. Mccool sold 288 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $108.70, for a total value of $31,305.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction on Friday, February 14th. The stock was sold at an average price of $107.13, for a total transaction of $159,409.44. Following the sale, the director now directly owns 8,128 shares of the company's stock, valued at $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 quarter, insiders have sold 259,944 shares of company stock valued at $30,214,186. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Down 4.4 %

ANET traded down $4.55 during trading on Friday, hitting $98.85. 8,000,911 shares of the company traded hands, compared to its average volume of 9,866,358. The stock's fifty day moving average is $113.94 and its 200 day moving average is $101.57. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.57. The firm has a market cap of $124.53 billion, a P/E ratio of 44.53, a price-to-earnings-growth ratio of 2.79 and a beta of 1.09.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results 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. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ANET has been the subject of several recent research reports. Evercore ISI upped their price objective on Arista Networks from $110.00 to $130.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. UBS Group upped their price target on shares of Arista Networks from $106.00 to $112.00 and gave the company a "neutral" rating in a research report on Wednesday. Needham & Company LLC reiterated a "buy" rating and set a $145.00 price target on shares of Arista Networks in a report on Wednesday. Piper Sandler reissued a "neutral" rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday. Finally, Morgan Stanley raised their target price on Arista Networks from $102.50 to $118.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $113.79.

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.