Pinebridge Investments L.P. Has $66.49 Million Position in Arista Networks, Inc. (NYSE:ANET)

Pinebridge Investments L.P. increased its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 279.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 601,580 shares of the technology company's stock after purchasing an additional 442,898 shares during the quarter. Pinebridge Investments L.P.'s holdings in Arista Networks were worth $66,493,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after buying an additional 72,311,318 shares during the period. FMR LLC lifted its holdings in Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after acquiring an additional 44,269,572 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after purchasing an additional 18,293,874 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Arista Networks in the 4th quarter worth approximately $1,397,833,000. Institutional investors own 82.47% of the company's stock.

Arista Networks Stock Performance

Shares of NYSE ANET traded up $2.67 during mid-day trading on Friday, reaching $77.96. The company had a trading volume of 12,456,039 shares, compared to its average volume of 9,122,464. The stock has a market capitalization of $97.89 billion, a PE ratio of 35.12, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock's 50 day moving average is $81.23 and its 200-day moving average is $98.52.

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 for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $1.93 billion for 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, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on ANET shares. 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 research report on Thursday, April 17th. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Morgan Stanley reduced their target price on Arista Networks from $118.00 to $73.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Evercore ISI dropped their price target on Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Finally, Rosenblatt Securities reduced their price objective on shares of Arista Networks from $85.00 to $55.00 and set a "sell" rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and an average price target of $104.29.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the sale, the director now directly owns 139,784 shares in the company, valued at approximately $10,840,249.20. The trade was a 5.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the sale, the director now directly owns 7,480 shares of the company's stock, valued at $512,305.20. The trade was a 16.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 412,355 shares of company stock worth $39,446,799 over the last ninety days. 3.54% of the stock is currently owned by insiders.

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.