Horizon Investments LLC Acquires 38,337 Shares of Arista Networks, Inc. (NYSE:ANET)

Horizon Investments LLC raised its holdings in Arista Networks, Inc. (NYSE:ANET) by 544.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,376 shares of the technology company’s stock after purchasing an additional 38,337 shares during the period. Horizon Investments LLC’s holdings in Arista Networks were worth $5,015,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. State Street Corp grew its position in Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after buying an additional 411,109 shares in the last quarter. Swedbank AB increased its position in shares of Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after purchasing an additional 5,034,022 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Arista Networks by 320.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock valued at $713,721,000 after purchasing an additional 4,919,882 shares in the last quarter. Amundi lifted its position in Arista Networks by 196.3% during the fourth quarter. Amundi now owns 6,342,064 shares of the technology company’s stock worth $732,493,000 after purchasing an additional 4,201,973 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Arista Networks by 294.1% during the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock worth $678,308,000 after buying an additional 4,579,622 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ANET shares. Piper Sandler reaffirmed a “neutral” rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Morgan Stanley upped their target price on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Citigroup lifted their price target on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Stock Performance

ANET stock opened at $85.06 on Tuesday. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58. The company has a market capitalization of $107.27 billion, a P/E ratio of 38.32, a PEG ratio of 3.10 and a beta of 1.08. The company has a fifty day moving average price of $105.07 and a 200-day moving average price of $101.92.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. The firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, SVP Marc Taxay sold 51,848 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,101,013.60. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 491,001 shares of company stock valued at $49,112,111. 3.54% of the stock is currently owned by company insiders.

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.