United Services Automobile Association Purchases New Position in Arista Networks, Inc. (NYSE:ANET)

United Services Automobile Association acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 23,780 shares of the technology company's stock, valued at approximately $2,628,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Arista Networks by 304.2% during 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 purchasing an additional 72,311,318 shares during the last quarter. Swedbank AB increased its holdings 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 buying an additional 5,034,022 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Arista Networks by 320.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company's stock worth $713,721,000 after acquiring an additional 4,919,882 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Arista Networks by 294.1% in the 4th quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company's stock worth $678,308,000 after acquiring an additional 4,579,622 shares during the last quarter. Finally, WCM Investment Management LLC raised its position in shares of Arista Networks by 292.8% during the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company's stock worth $674,627,000 after purchasing an additional 4,512,166 shares during the period. Institutional investors own 82.47% of the company's stock.

Remove Ads

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total transaction of $892,080.00. Following the sale, 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the transaction, the director now directly owns 8,128 shares of the company's stock, valued at approximately $870,752.64. The trade was a 15.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 491,001 shares of company stock valued at $49,112,111. 3.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ANET. Piper Sandler reiterated a "neutral" rating and issued a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. The Goldman Sachs Group reissued a "buy" rating on shares of Arista Networks in a research report on Monday, March 3rd. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Evercore ISI boosted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. Finally, Barclays reaffirmed an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and an average target price of $114.00.

Arista Networks Trading Down 0.7 %

Arista Networks stock traded down $0.64 during mid-day trading on Tuesday, hitting $86.87. 7,716,252 shares of the company's stock were exchanged, compared to its average volume of 10,723,912. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.57. The stock has a market cap of $109.55 billion, a P/E ratio of 39.13, a P/E/G ratio of 3.10 and a beta of 1.08. The stock has a 50 day moving average of $102.03 and a two-hundred day moving average of $101.92.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.90 billion. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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.