Ardsley Advisory Partners LP Makes New Investment in Arista Networks, Inc. $ANET

Ardsley Advisory Partners LP bought a new position in Arista Networks, Inc. (NYSE:ANET) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 218,000 shares of the technology company’s stock, valued at approximately $22,304,000. Arista Networks accounts for 2.9% of Ardsley Advisory Partners LP’s portfolio, making the stock its 4th largest position.

Several other hedge funds and other institutional investors have also made changes to their positions in ANET. Bare Financial Services Inc boosted its holdings in Arista Networks by 2,118.2% in the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after purchasing an additional 233 shares in the last quarter. REAP Financial Group LLC lifted its holdings in shares of Arista Networks by 108.0% in the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after buying an additional 175 shares during the period. Solstein Capital LLC boosted its stake in shares of Arista Networks by 493.8% in the second quarter. Solstein Capital LLC now owns 380 shares of the technology company’s stock valued at $39,000 after buying an additional 316 shares in the last quarter. Saudi Central Bank purchased a new stake in shares of Arista Networks in the first quarter valued at approximately $33,000. Finally, Hemington Wealth Management grew its holdings in Arista Networks by 28.2% during the second quarter. Hemington Wealth Management now owns 459 shares of the technology company’s stock worth $46,000 after acquiring an additional 101 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 422 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $117.15, for a total transaction of $49,437.30. Following the sale, the director owned 8,980 shares in the company, valued at $1,052,007. This trade represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, December 1st. The shares were sold at an average price of $128.09, for a total value of $1,024,720.00. Following the completion of the sale, the director directly owned 25,784 shares of the company’s stock, valued at approximately $3,302,672.56. This represents a 23.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 274,464 shares of company stock worth $38,250,488 in the last three months. 3.54% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wells Fargo & Company raised their target price on Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Citigroup raised their price objective on shares of Arista Networks from $136.00 to $176.00 and gave the company a “buy” rating in a research note on Friday, September 12th. BNP Paribas Exane raised shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective on the stock in a report on Thursday, September 25th. Weiss Ratings restated a “buy (b-)” rating on shares of Arista Networks in a research report on Monday. Finally, BNP Paribas upgraded shares of Arista Networks from a “hold” rating to an “outperform” rating in a research report on Thursday, September 25th. Eighteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $164.31.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $129.89 on Wednesday. The business has a 50 day moving average price of $139.91 and a 200 day moving average price of $126.11. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94. The company has a market capitalization of $163.56 billion, a P/E ratio of 49.39, a P/E/G ratio of 2.48 and a beta of 1.41.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The company’s quarterly revenue was up 27.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.40 earnings per share. As a group, research analysts expect 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.