CenterBook Partners LP Acquires 3,386 Shares of Arista Networks, Inc. (NYSE:ANET)

CenterBook Partners LP grew its holdings in shares of Arista Networks, Inc. (NYSE:ANETFree Report) by 56.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 9,434 shares of the technology company’s stock after purchasing an additional 3,386 shares during the period. CenterBook Partners LP’s holdings in Arista Networks were worth $2,222,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Epoch Investment Partners Inc. increased its stake in shares of Arista Networks by 8.6% during the 4th quarter. Epoch Investment Partners Inc. now owns 707,459 shares of the technology company’s stock worth $166,614,000 after purchasing an additional 55,889 shares during the last quarter. Pinnbrook Capital Management LP acquired a new position in shares of Arista Networks during the 4th quarter worth about $5,928,000. Vinva Investment Management Ltd increased its stake in shares of Arista Networks by 1.1% during the 4th quarter. Vinva Investment Management Ltd now owns 9,149 shares of the technology company’s stock worth $2,168,000 after purchasing an additional 96 shares during the last quarter. Morningstar Investment Services LLC acquired a new position in shares of Arista Networks during the 4th quarter worth about $245,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Arista Networks by 0.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 829,314 shares of the technology company’s stock worth $195,312,000 after purchasing an additional 3,154 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on ANET shares. The Goldman Sachs Group boosted their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Wells Fargo & Company upped their price target on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Rosenblatt Securities reiterated a “sell” rating and issued a $210.00 price target on shares of Arista Networks in a research note on Friday, April 12th. JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Piper Sandler upped their price target on shares of Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $295.22.

Read Our Latest Stock Report on Arista Networks

Arista Networks Trading Up 0.1 %

NYSE ANET traded up $0.22 during trading on Friday, reaching $296.79. The company’s stock had a trading volume of 1,457,394 shares, compared to its average volume of 2,505,773. The firm has a market capitalization of $93.00 billion, a price-to-earnings ratio of 41.34, a price-to-earnings-growth ratio of 2.69 and a beta of 1.08. Arista Networks, Inc. has a 12 month low of $148.32 and a 12 month high of $329.04. The firm has a 50 day moving average price of $288.30 and a 200 day moving average price of $267.21.

Arista Networks (NYSE:ANETGet Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. On average, equities analysts forecast that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a stock buyback plan on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the technology company to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $296.26, for a total transaction of $592,520.00. Following the completion of the sale, the director now owns 58,946 shares of the company’s stock, valued at approximately $17,463,341.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $296.26, for a total value of $592,520.00. Following the completion of the transaction, the director now owns 58,946 shares of the company’s stock, valued at approximately $17,463,341.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 87,418 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $4,929,639.61. The disclosure for this sale can be found here. In the last 90 days, insiders sold 407,368 shares of company stock valued at $119,728,043. Company insiders own 3.54% of the company’s stock.

Arista Networks Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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