Avanza Fonder AB Acquires 6,895 Shares of Arista Networks, Inc. $ANET

Avanza Fonder AB lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 7.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 100,011 shares of the technology company’s stock after buying an additional 6,895 shares during the period. Avanza Fonder AB’s holdings in Arista Networks were worth $13,104,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. AdvisorNet Financial Inc raised its holdings in Arista Networks by 56.7% during the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after acquiring an additional 72 shares in the last quarter. Knuff & Co LLC bought a new position in Arista Networks in the third quarter valued at approximately $29,000. Board of the Pension Protection Fund bought a new position in Arista Networks in the fourth quarter valued at approximately $26,000. Richardson Financial Services Inc. increased its position in shares of Arista Networks by 141.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after purchasing an additional 130 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Arista Networks during the 3rd quarter worth approximately $33,000. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In related news, Director Yvonne Wassenaar sold 1,815 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $132.44, for a total value of $240,378.60. Following the transaction, the director directly owned 12,574 shares in the company, valued at approximately $1,665,300.56. This represents a 12.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the transaction, the director directly owned 9,784 shares in the company, valued at approximately $1,373,967.12. This represents a 44.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 199,632 shares of company stock worth $26,936,324 in the last 90 days. Company insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ANET. Needham & Company LLC increased their price objective on Arista Networks from $165.00 to $185.00 and gave the company a “buy” rating in a report on Friday, February 13th. Barclays restated an “overweight” rating and set a $184.00 target price (up from $183.00) on shares of Arista Networks in a report on Friday, February 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Wells Fargo & Company lifted their price objective on shares of Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, February 13th. Finally, Evercore restated an “outperform” rating and set a $200.00 price objective on shares of Arista Networks in a research note on Friday, February 13th. Eighteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $176.47.

Arista Networks Trading Up 3.6%

Arista Networks stock opened at $135.98 on Tuesday. The company has a market capitalization of $170.87 billion, a price-to-earnings ratio of 49.27, a PEG ratio of 2.32 and a beta of 1.46. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94. The stock’s 50 day moving average is $135.61 and its 200-day moving average is $137.24.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.07. The business had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the firm posted $0.66 EPS. As a group, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

About Arista Networks

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.