Voya Investment Management LLC Purchases 1,153,302 Shares of Arista Networks, Inc. (NYSE:ANET)

Voya Investment Management LLC raised its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 308.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,527,051 shares of the technology company's stock after purchasing an additional 1,153,302 shares during the period. Voya Investment Management LLC owned about 0.12% of Arista Networks worth $168,785,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the business. Morse Asset Management Inc purchased a new stake in shares of Arista Networks during the 3rd quarter worth $123,000. Virtu Financial LLC purchased a new stake in shares of Arista Networks during the third quarter valued at about $1,752,000. World Investment Advisors LLC purchased a new position in shares of Arista Networks in the 3rd quarter worth approximately $401,000. Wilmington Savings Fund Society FSB bought a new position in shares of Arista Networks during the 3rd quarter worth approximately $2,222,000. Finally, Tidal Investments LLC lifted its position in Arista Networks by 5.6% during the third quarter. Tidal Investments LLC now owns 37,383 shares of the technology company's stock valued at $14,348,000 after acquiring an additional 1,998 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Rosenblatt Securities reduced their price target on Arista Networks from $85.00 to $55.00 and set a "sell" rating on the stock in a research report on Tuesday. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and upped their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Barclays reissued an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler decreased their price objective on shares of Arista Networks from $108.00 to $76.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Finally, Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, Arista Networks currently has an average rating of "Moderate Buy" and a consensus target price of $104.29.

Arista Networks Price Performance

Shares of NYSE ANET opened at $70.81 on Thursday. The stock has a market capitalization 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 50 day simple moving average is $81.85 and its 200-day simple moving average is $98.68. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58.

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

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the completion of the sale, the director now owns 155,784 shares in the company, valued at approximately $17,450,923.68. This represents a 4.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total value of $9,248,800.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,500,155.36. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 410,863 shares of company stock valued at $39,344,612. 3.54% of the stock is owned by corporate insiders.

Arista Networks 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.

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