Tower Research Capital LLC TRC Buys 60,404 Shares of Arista Networks, Inc. (NYSE:ANET)

Tower Research Capital LLC TRC grew its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 1,073.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 66,031 shares of the technology company's stock after acquiring an additional 60,404 shares during the period. Tower Research Capital LLC TRC's holdings in Arista Networks were worth $7,298,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ANET. Vanguard Group Inc. grew its holdings in Arista Networks by 304.2% in the 4th 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 in the last quarter. FMR LLC grew its stake in shares of Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after buying an additional 44,269,572 shares in the last quarter. Geode Capital Management LLC grew its position in Arista Networks by 311.6% in 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 acquiring an additional 18,293,874 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after purchasing an additional 14,454,822 shares in the last quarter. Finally, Norges Bank purchased a new position in Arista Networks in the 4th quarter valued at approximately $1,397,833,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ANET has been the subject of several research reports. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Morgan Stanley reduced their target price on Arista Networks from $118.00 to $73.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. dropped their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and increased their target price for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. Finally, Citigroup dropped their price objective on Arista Networks from $121.00 to $92.00 and set a "buy" rating on the stock in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and an average target price of $104.29.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $2.14 during midday trading on Wednesday, hitting $70.81. 11,578,340 shares of the company traded hands, compared to its average volume of 9,103,843. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The stock has a market cap of $88.91 billion, a price-to-earnings ratio of 31.90, a PEG ratio of 3.10 and a beta of 1.30. The firm's fifty day moving average price is $82.57 and its 200-day moving average price is $98.87.

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

Insider Transactions at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the company's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company'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 transaction of $620,400.00. Following the completion of the transaction, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This trade represents a 5.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 410,863 shares of company stock worth $39,344,612 in the last 90 days. 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.