Arista Networks, Inc. (NYSE:ANET) Stake Increased by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. raised its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 327.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 35,908 shares of the technology company's stock after acquiring an additional 27,506 shares during the period. Penobscot Investment Management Company Inc.'s holdings in Arista Networks were worth $3,969,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. True Wealth Design LLC boosted its position in shares of Arista Networks by 2,133.3% during the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company's stock worth $51,000 after purchasing an additional 128 shares in the last quarter. Anchor Investment Management LLC boosted its holdings in Arista Networks by 35.0% during the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company's stock worth $52,000 after buying an additional 35 shares in the last quarter. Caitlin John LLC grew its position in 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 buying an additional 152 shares during the period. Capital Advisors Ltd. LLC increased its holdings 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 buying an additional 191 shares in the last quarter. Finally, New Millennium Group LLC lifted its position in shares of 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.

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Arista Networks Price Performance

ANET stock traded down $1.05 during trading on Friday, reaching $77.91. 9,780,873 shares of the stock traded hands, compared to its average volume of 8,868,821. The firm has a market capitalization of $98.25 billion, a PE ratio of 35.09, a P/E/G ratio of 3.10 and a beta of 1.08. The business's 50 day moving average price is $99.16 and its 200-day moving average price is $101.80. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.93 billion during the quarter, compared to analysts' expectations of $1.90 billion. On average, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Analyst Ratings Changes

ANET has been the topic of a number of research reports. StockNews.com cut Arista Networks from a "buy" rating to a "hold" rating in a report on Thursday, December 12th. Barclays reaffirmed an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Morgan Stanley increased their price target on shares of Arista Networks from $102.50 to $118.00 and gave the company an "overweight" rating in a research report on Tuesday, December 17th. The Goldman Sachs Group reiterated a "buy" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. One investment 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. Based on data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and an average target price of $114.00.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now directly owns 163,784 shares of the company's stock, valued at approximately $18,263,553.84. The trade was a 4.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 138,351 shares of the company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the transaction, the chief executive officer now owns 92,641 shares of the company's stock, valued at $8,697,137.08. This trade represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock worth $49,112,111 over the last ninety days. 3.54% of the stock is owned by company insiders.

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.