Kovitz Investment Group Partners LLC Buys 3,435,686 Shares of Arista Networks, Inc. (NYSE:ANET)

Kovitz Investment Group Partners LLC lifted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 1,115.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,743,800 shares of the technology company's stock after buying an additional 3,435,686 shares during the period. Arista Networks makes up approximately 1.4% of Kovitz Investment Group Partners LLC's portfolio, making the stock its 24th biggest holding. Kovitz Investment Group Partners LLC owned 0.30% of Arista Networks worth $413,802,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and boosted their target price for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Evercore ISI lowered their target price on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. The Goldman Sachs Group reissued a "buy" rating on shares of Arista Networks in a report on Monday, March 3rd. Barclays reissued an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $104.29.

Arista Networks Price Performance

Arista Networks stock traded up $0.42 during trading hours on Monday, reaching $78.33. The company had a trading volume of 7,521,371 shares, compared to its average volume of 9,091,877. The company has a 50-day moving average price of $80.57 and a 200 day moving average price of $98.31. The firm has a market cap of $98.35 billion, a price-to-earnings ratio of 35.28, a P/E/G ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to analysts' expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. As a group, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total value of $896,160.00. Following the sale, the director now directly owns 155,784 shares of the company's stock, valued at $17,450,923.68. This represents a 4.88 % 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, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total value of $9,248,800.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,500,155.36. 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 three months, insiders have sold 412,355 shares of company stock valued at $39,446,799. Company insiders own 3.54% of the company's stock.

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.