Arista Networks, Inc. (NYSE:ANET) Position Raised by Convergence Investment Partners LLC

Convergence Investment Partners LLC lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 537.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 56,523 shares of the technology company’s stock after purchasing an additional 47,652 shares during the quarter. Arista Networks makes up about 1.4% of Convergence Investment Partners LLC’s portfolio, making the stock its 9th largest holding. Convergence Investment Partners LLC’s holdings in Arista Networks were worth $6,247,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Zions Bancorporation N.A. boosted its stake in Arista Networks by 6.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock worth $160,000 after purchasing an additional 27 shares in the last quarter. Intellectus Partners LLC grew its holdings in shares of Arista Networks by 1.4% during the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock valued at $740,000 after buying an additional 27 shares during the last quarter. Altman Advisors Inc. raised its holdings in Arista Networks by 0.5% in the 3rd quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after acquiring an additional 28 shares during the last quarter. HM Payson & Co. lifted its position in Arista Networks by 28.2% in the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after acquiring an additional 29 shares in the last quarter. Finally, Beacon Financial Advisory LLC increased its holdings in shares of Arista Networks by 4.9% in the 3rd quarter. Beacon Financial Advisory LLC now owns 640 shares of the technology company’s stock worth $246,000 after purchasing an additional 30 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on ANET. UBS Group increased their price objective on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research report on Friday, November 8th. The Goldman Sachs Group lifted their price target on shares of Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Morgan Stanley increased their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Barclays lowered their price objective on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. Finally, Evercore ISI lifted their target price on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $107.59.

Arista Networks Price Performance

NYSE ANET opened at $111.05 on Wednesday. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.57. The business has a 50 day simple moving average of $113.95 and a two-hundred day simple moving average of $101.32. The stock has a market capitalization of $139.89 billion, a PE ratio of 53.39, a P/E/G ratio of 3.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. On average, analysts anticipate that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Kelly Bodnar Battles sold 1,488 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the sale, the director now directly owns 8,128 shares in the company, valued at $870,752.64. This trade represents a 15.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 71,036 shares of Arista Networks stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $100.06, for a total transaction of $7,107,506.98. Following the transaction, the chief executive officer now directly owns 70,724 shares of the company’s stock, valued at $7,076,289.82. The trade was a 50.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 337,320 shares of company stock valued at $37,946,706 in the last three months. Corporate insiders own 3.54% 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.