Clearbridge Investments LLC Increases Stock Position in Arista Networks Inc (NYSE:ANET)

Clearbridge Investments LLC lifted its stake in shares of Arista Networks Inc (NYSE:ANET) by 3.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,864 shares of the technology company’s stock after purchasing an additional 1,983 shares during the quarter. Clearbridge Investments LLC owned about 0.07% of Arista Networks worth $16,624,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Meridian Wealth Management LLC bought a new position in Arista Networks in the first quarter valued at about $203,000. Belpointe Asset Management LLC acquired a new position in Arista Networks in the first quarter valued at about $531,000. Bayesian Capital Management LP lifted its stake in Arista Networks by 259.6% in the first quarter. Bayesian Capital Management LP now owns 6,224 shares of the technology company’s stock valued at $1,957,000 after buying an additional 4,493 shares during the period. Quantinno Capital Management LP acquired a new position in Arista Networks in the first quarter valued at about $735,000. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of Arista Networks during the first quarter worth about $44,645,000. Institutional investors and hedge funds own 57.94% of the company’s stock.

A number of equities research analysts recently issued reports on ANET shares. Stifel Nicolaus set a $95.00 target price on C.H. Robinson Worldwide and gave the company a “buy” rating in a research report on Friday, May 3rd. Wolfe Research upgraded Edison International from a “peer perform” rating to an “outperform” rating in a research note on Monday, May 6th. Rosenblatt Securities assumed coverage on Arista Networks in a research note on Friday, March 29th. They issued a “neutral” rating and a $330.00 price target for the company. Credit Suisse Group reiterated a “hold” rating and set a $32.00 target price on shares of CRH in a research note on Thursday, April 25th. Finally, Nomura lifted their price target on PROS from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Arista Networks has an average rating of “Buy” and a consensus target price of $311.96.

Shares of Arista Networks stock traded up $2.36 during trading hours on Friday, reaching $274.26. The company had a trading volume of 456,730 shares, compared to its average volume of 748,653. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.70 and a current ratio of 5.34. Arista Networks Inc has a one year low of $187.08 and a one year high of $331.27. The company has a market cap of $21.01 billion, a price-to-earnings ratio of 38.79, a PEG ratio of 1.74 and a beta of 1.56. The business has a fifty day moving average price of $254.20.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, May 2nd. The technology company reported $2.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.24. Arista Networks had a return on equity of 29.36% and a net margin of 30.36%. The company had revenue of $595.42 million for the quarter, compared to the consensus estimate of $595.21 million. During the same quarter last year, the business posted $1.66 earnings per share. The firm’s revenue was up 26.0% compared to the same quarter last year. As a group, equities research analysts predict that Arista Networks Inc will post 8.4 earnings per share for the current fiscal year.

In other news, SVP Marc Taxay sold 2,000 shares of Arista Networks stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $314.93, for a total value of $629,860.00. Following the transaction, the senior vice president now owns 14,341 shares in the company, valued at $4,516,411.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Nikos Theodosopoulos sold 110 shares of Arista Networks stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $247.49, for a total value of $27,223.90. Following the completion of the transaction, the director now owns 5,833 shares in the company, valued at approximately $1,443,609.17. The disclosure for this sale can be found here. Insiders have sold 228,564 shares of company stock worth $59,940,990 in the last 90 days. Company insiders own 23.83% of the company’s stock.

Arista Networks Profile

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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