Alpha Cubed Investments LLC Acquires Shares of 1,008 Arista Networks, Inc. (NYSE:ANET)

Alpha Cubed Investments LLC bought a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,008 shares of the technology company’s stock, valued at approximately $237,000.

Several other hedge funds have also modified their holdings of ANET. AXQ Capital LP acquired a new position in Arista Networks during the third quarter worth about $791,000. Advisor Resource Council boosted its stake in shares of Arista Networks by 507.9% during the 4th quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock worth $1,653,000 after acquiring an additional 5,866 shares in the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Arista Networks by 4.6% in the 4th quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock worth $1,047,000 after acquiring an additional 194 shares during the period. WCM Investment Management LLC increased its stake in Arista Networks by 0.5% in the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after purchasing an additional 16,081 shares in the last quarter. Finally, abrdn plc raised its holdings in Arista Networks by 62.7% during the fourth quarter. abrdn plc now owns 113,851 shares of the technology company’s stock worth $26,813,000 after purchasing an additional 43,889 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ANET. Oppenheimer restated a “market perform” rating on shares of Arista Networks in a research report on Tuesday, February 13th. Evercore ISI restated an “outperform” rating and set a $300.00 target price on shares of Arista Networks in a report on Wednesday, March 27th. The Goldman Sachs Group upped their price target on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Rosenblatt Securities reissued a “sell” rating and set a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. Finally, Melius Research raised Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a research note on Monday, January 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $275.59.

Arista Networks Trading Down 0.5 %

Shares of NYSE:ANET opened at $255.24 on Thursday. The firm has a market cap of $80.05 billion, a price-to-earnings ratio of 38.85, a PEG ratio of 2.25 and a beta of 1.09. The stock’s 50-day moving average price is $279.08 and its two-hundred day moving average price is $248.62. Arista Networks, Inc. has a 12-month low of $131.68 and a 12-month high of $307.74.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the firm posted $1.25 EPS. The company’s revenue was up 20.8% on a year-over-year basis. As a group, research analysts forecast that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, Director Yvonne Wassenaar sold 224 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total transaction of $57,184.96. Following the completion of the sale, the director now owns 2,827 shares in the company, valued at approximately $721,704.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $940,922.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Yvonne Wassenaar sold 224 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total value of $57,184.96. Following the transaction, the director now owns 2,827 shares in the company, valued at approximately $721,704.83. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 332,514 shares of company stock valued at $95,369,397. Company insiders own 18.99% of the company’s stock.

Arista Networks Company Profile

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.