Encompass More Asset Management Takes Position in Arista Networks, Inc. $ANET

Encompass More Asset Management purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,935 shares of the technology company’s stock, valued at approximately $1,010,000.

Several other institutional investors and hedge funds have also recently modified their holdings of ANET. Vanguard Group Inc. increased its holdings in Arista Networks by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after acquiring an additional 1,136,167 shares during the last quarter. Cresset Asset Management LLC raised its position in Arista Networks by 1.0% during the second quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock valued at $2,698,362,000 after purchasing an additional 263,272 shares during the period. Geode Capital Management LLC lifted its position in Arista Networks by 0.5% in the second quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock worth $2,606,694,000 after buying an additional 128,977 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Arista Networks by 9.0% in the 1st quarter. Alliancebernstein L.P. now owns 22,959,214 shares of the technology company’s stock worth $1,778,880,000 after acquiring an additional 1,889,198 shares during the last quarter. Finally, Norges Bank bought a new stake in Arista Networks in the second quarter worth about $1,228,177,000. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In related news, insider Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $142.75, for a total value of $4,282,500.00. Following the completion of the transaction, the insider owned 12,976 shares in the company, valued at $1,852,324. The trade was a 69.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director directly owned 25,784 shares of the company’s stock, valued at $3,302,672.56. The trade was a 23.68% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 216,464 shares of company stock worth $28,598,588. Company insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. William Blair reaffirmed an “outperform” rating on shares of Arista Networks in a research report on Friday, September 12th. JPMorgan Chase & Co. upped their target price on Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. BNP Paribas upgraded shares of Arista Networks from a “hold” rating to an “outperform” rating in a research note on Thursday, September 25th. Melius Research raised their price objective on Arista Networks from $160.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, Zacks Research lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Seventeen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $163.56.

Arista Networks Stock Up 0.9%

Shares of ANET opened at $131.92 on Monday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The stock’s 50-day moving average price is $135.01 and its 200-day moving average price is $129.44. The company has a market capitalization of $166.13 billion, a price-to-earnings ratio of 50.16, a PEG ratio of 2.52 and a beta of 1.41.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same period in the previous year, the firm earned $2.40 EPS. The business’s quarterly revenue was up 27.5% on a year-over-year basis. As a group, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks Company Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.