Madison Investment Advisors LLC Buys Shares of 1,208,442 Arista Networks, Inc. (NYSE:ANET)

Madison Investment Advisors LLC bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,208,442 shares of the technology company's stock, valued at approximately $133,569,000. Arista Networks comprises about 1.5% of Madison Investment Advisors LLC's portfolio, making the stock its 12th biggest holding. Madison Investment Advisors LLC owned approximately 0.10% of Arista Networks as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Swedbank AB grew its position in shares of Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company's stock valued at $746,165,000 after purchasing an additional 5,034,022 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Arista Networks by 320.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company's stock valued at $713,721,000 after purchasing an additional 4,919,882 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Arista Networks by 294.1% in the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company's stock valued at $678,308,000 after purchasing an additional 4,579,622 shares in the last quarter. WCM Investment Management LLC grew its position in Arista Networks by 292.8% in the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company's stock worth $674,627,000 after acquiring an additional 4,512,166 shares during the period. Finally, Amundi grew its position in Arista Networks by 196.3% in the fourth quarter. Amundi now owns 6,342,064 shares of the technology company's stock worth $732,493,000 after acquiring an additional 4,201,973 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Trading Up 1.5 %

Shares of NYSE ANET opened at $80.34 on Thursday. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.58. The stock has a market cap of $101.32 billion, a P/E ratio of 36.19, a PEG ratio of 3.10 and a beta of 1.08. The business's fifty day simple moving average is $107.01 and its 200-day simple moving average is $101.88.

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Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly 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. 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 analysts' expectations of $1.90 billion. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, SVP Marc Taxay sold 51,848 shares of Arista Networks stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $118.47, for a total value of $9,477,600.00. Following the sale, the senior vice president now owns 12,976 shares in the company, valued at $1,537,266.72. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock worth $49,112,111 over the last ninety days. Corporate insiders own 3.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ANET. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Piper Sandler reiterated a "neutral" rating and issued a $108.00 price objective (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. StockNews.com lowered Arista Networks from a "buy" rating to a "hold" rating in a research report on Thursday, December 12th. Barclays reiterated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Citigroup raised their price target on Arista Networks from $115.00 to $121.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $114.00.

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.

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