Pier 88 Investment Partners LLC Acquires Shares of 8,610 Arista Networks, Inc. $ANET

Pier 88 Investment Partners LLC bought a new position in Arista Networks, Inc. (NYSE:ANET) during the third quarter, Holdings Channel.com reports. The institutional investor bought 8,610 shares of the technology company’s stock, valued at approximately $1,255,000.

Other large investors have also made changes to their positions in the company. AdvisorNet Financial Inc boosted its stake 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 buying an additional 72 shares during the last quarter. Richardson Financial Services Inc. grew its holdings in shares of Arista Networks by 141.3% in the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock valued at $32,000 after purchasing an additional 130 shares during the period. Bare Financial Services Inc increased its position in Arista Networks by 2,118.2% during the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after purchasing an additional 233 shares during the last quarter. SJS Investment Consulting Inc. raised its stake in Arista Networks by 979.2% during the third quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock worth $38,000 after purchasing an additional 235 shares during the period. Finally, REAP Financial Group LLC boosted its holdings in 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 purchasing an additional 175 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $143.91 on Tuesday. The stock has a market capitalization of $181.22 billion, a price-to-earnings ratio of 54.72, a price-to-earnings-growth ratio of 2.29 and a beta of 1.41. The business has a 50-day moving average of $128.95 and a 200 day moving average of $134.38. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94.

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

Insiders Place Their Bets

In related news, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the completion of the transaction, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. The trade was a 70.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $133.79, for a total value of $1,070,320.00. Following the sale, the director owned 17,784 shares in the company, valued at approximately $2,379,321.36. This trade represents a 31.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 216,464 shares of company stock worth $27,687,068 over the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Barclays reiterated an “overweight” rating and issued a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. UBS Group restated a “buy” rating and issued a $155.00 target price on shares of Arista Networks in a research report on Wednesday, December 3rd. Zacks Research cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $140.00 price objective on shares of Arista Networks in a report on Monday, November 24th. Seventeen 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, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $164.44.

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.