Victory Capital Management Inc. Grows Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Victory Capital Management Inc. raised its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 295.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,588,682 shares of the technology company's stock after buying an additional 1,186,841 shares during the quarter. Victory Capital Management Inc. owned 0.13% of Arista Networks worth $175,597,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. MidAtlantic Capital Management Inc. acquired a new stake in shares of Arista Networks during the 3rd quarter worth approximately $44,000. True Wealth Design LLC raised its position in Arista Networks by 2,133.3% in the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company's stock valued at $51,000 after purchasing an additional 128 shares during the last quarter. Anchor Investment Management LLC raised its position in Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company's stock valued at $52,000 after purchasing an additional 35 shares during the last quarter. Transcendent Capital Group LLC raised its position in Arista Networks by 75.0% in the 3rd quarter. Transcendent Capital Group LLC now owns 175 shares of the technology company's stock valued at $67,000 after purchasing an additional 75 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its position in Arista Networks by 52.5% in the 3rd quarter. Meeder Asset Management Inc. now owns 183 shares of the technology company's stock valued at $70,000 after purchasing an additional 63 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Trading Up 2.7 %

Shares of ANET stock traded up $2.31 during trading on Wednesday, hitting $87.83. The company's stock had a trading volume of 10,263,882 shares, compared to its average volume of 10,978,523. The company has a market cap of $110.76 billion, a PE ratio of 39.56, a P/E/G ratio of 3.10 and a beta of 1.09. The business has a fifty day moving average of $110.13 and a 200-day moving average of $102.14. Arista Networks, Inc. has a 52 week low of $60.08 and a 52 week high of $133.57.

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

Analysts Set New Price Targets

ANET has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on Arista Networks from $102.50 to $118.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 17th. Citigroup lifted their price objective on Arista Networks from $115.00 to $121.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. Evercore ISI lifted their price objective on Arista Networks from $110.00 to $130.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. Piper Sandler reissued a "neutral" rating and issued a $108.00 target price (up from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Finally, The Goldman Sachs Group boosted their target price on Arista Networks from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. One equities 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 company currently has a consensus rating of "Moderate Buy" and an average target price of $114.00.

Insiders Place Their Bets

In related news, insider John F. Mccool sold 17,433 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $96.57, for a total value of $1,683,504.81. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total value of $892,080.00. Following the completion of the transaction, the director now directly owns 163,784 shares in the company, valued at approximately $18,263,553.84. This represents a 4.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 431,441 shares of company stock worth $45,713,162 over the last 90 days. Corporate insiders own 3.54% of the company's stock.

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.