Atika Capital Management LLC Has $33.69 Million Stock Holdings in Arista Networks, Inc. $ANET

Atika Capital Management LLC cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 11.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 231,208 shares of the technology company’s stock after selling 30,400 shares during the quarter. Arista Networks accounts for 2.7% of Atika Capital Management LLC’s investment portfolio, making the stock its 8th largest holding. Atika Capital Management LLC’s holdings in Arista Networks were worth $33,689,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Brighton Jones LLC increased its stake in shares of Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after acquiring an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Arista Networks during the fourth quarter valued at about $202,000. Bison Wealth LLC acquired a new position in shares of Arista Networks during the fourth quarter valued at about $251,000. Sivia Capital Partners LLC boosted its position in shares of Arista Networks by 48.4% during the 2nd quarter. Sivia Capital Partners LLC now owns 10,723 shares of the technology company’s stock worth $1,097,000 after purchasing an additional 3,496 shares in the last quarter. Finally, Midwest Trust Co acquired a new stake in shares of Arista Networks in the 2nd quarter valued at about $343,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

ANET stock opened at $138.33 on Thursday. The company has a market capitalization of $173.81 billion, a P/E ratio of 50.12, a price-to-earnings-growth ratio of 2.48 and a beta of 1.46. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The business has a 50-day simple moving average of $134.80 and a two-hundred day simple moving average of $137.32.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. The firm had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The company’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 EPS. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wells Fargo & Company boosted their target price on Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, February 13th. Evercore reiterated an “outperform” rating and issued a $200.00 price target on shares of Arista Networks in a report on Friday, February 13th. Needham & Company LLC raised their price objective on Arista Networks from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Barclays restated an “overweight” rating and set a $184.00 price objective (up from $183.00) on shares of Arista Networks in a report on Friday, February 13th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $176.88.

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.67, for a total value of $1,029,360.00. Following the completion of the sale, the director owned 1,784 shares in the company, valued at $229,547.28. This represents a 81.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kelly Bodnar Battles sold 422 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $128.06, for a total transaction of $54,041.32. Following the completion of the sale, the director owned 9,529 shares of the company’s stock, valued at approximately $1,220,283.74. This represents a 4.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 196,237 shares of company stock valued at $25,865,760. 3.39% of the stock is owned by corporate insiders.

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.