Arista Networks, Inc. $ANET Shares Acquired by Castleark Management LLC

Castleark Management LLC lifted its position in Arista Networks, Inc. (NYSE:ANET) by 15.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 822,614 shares of the technology company’s stock after buying an additional 108,824 shares during the quarter. Arista Networks comprises 2.5% of Castleark Management LLC’s investment portfolio, making the stock its 8th largest holding. Castleark Management LLC owned 0.07% of Arista Networks worth $84,162,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ANET. Penobscot Investment Management Company Inc. increased its holdings in shares of Arista Networks by 7.8% during the 2nd quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock worth $3,998,000 after purchasing an additional 2,815 shares during the period. Vanguard Group Inc. lifted its stake in shares of Arista Networks by 1.2% in the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after buying an additional 1,136,167 shares during the period. Soltis Investment Advisors LLC grew its position in Arista Networks by 99.3% during the second quarter. Soltis Investment Advisors LLC now owns 40,428 shares of the technology company’s stock worth $4,136,000 after buying an additional 20,141 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in Arista Networks during the second quarter valued at about $212,000. Finally, OMNI 360 Wealth Inc. raised its holdings in Arista Networks by 71.5% in the 2nd quarter. OMNI 360 Wealth Inc. now owns 4,804 shares of the technology company’s stock valued at $491,000 after acquiring an additional 2,003 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Melius Research lifted their price objective on Arista Networks from $160.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. Wells Fargo & Company increased their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Morgan Stanley set a $171.00 price objective on shares of Arista Networks and gave the stock an “overweight” rating in a report on Friday, October 10th. Finally, Barclays reissued an “overweight” rating and issued a $183.00 target price (up previously from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Eighteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $164.31.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $124.83 on Friday. The company’s fifty day moving average is $138.96 and its 200-day moving average is $126.68. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The company has a market capitalization of $157.20 billion, a PE ratio of 47.46, a P/E/G ratio of 2.39 and a beta of 1.41.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. The firm 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 firm’s quarterly revenue was up 27.5% on a year-over-year basis. During the same period last year, the firm posted $2.40 EPS. On average, analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $128.09, for a total value of $1,024,720.00. Following the transaction, the director owned 25,784 shares of the company’s stock, valued at approximately $3,302,672.56. The trade was a 23.68% 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 hyperlink. Also, insider Kenneth Duda sold 26,000 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $128.61, for a total value of $3,343,860.00. Following the completion of the sale, the insider owned 542,400 shares of the company’s stock, valued at approximately $69,758,064. This trade represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 274,464 shares of company stock valued at $38,250,488 in the last 90 days. Insiders own 3.39% of the company’s stock.

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.