Arista Networks, Inc. (NYSE:ANET) is Marietta Investment Partners LLC’s 7th Largest Position

Marietta Investment Partners LLC lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 299.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 112,964 shares of the technology company’s stock after acquiring an additional 84,671 shares during the quarter. Arista Networks accounts for approximately 2.8% of Marietta Investment Partners LLC’s portfolio, making the stock its 7th largest holding. Marietta Investment Partners LLC’s holdings in Arista Networks were worth $12,486,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ANET. PNC Financial Services Group Inc. increased its stake in shares of Arista Networks by 5.6% during the third quarter. PNC Financial Services Group Inc. now owns 61,991 shares of the technology company’s stock worth $23,793,000 after acquiring an additional 3,273 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Arista Networks during the third quarter worth about $1,417,000. First Horizon Advisors Inc. increased its stake in shares of Arista Networks by 20.7% during the third quarter. First Horizon Advisors Inc. now owns 963 shares of the technology company’s stock worth $370,000 after acquiring an additional 165 shares during the period. Citizens Financial Group Inc. RI grew its position in Arista Networks by 67.3% during the third quarter. Citizens Financial Group Inc. RI now owns 2,920 shares of the technology company’s stock worth $1,121,000 after buying an additional 1,175 shares during the period. Finally, LPL Financial LLC grew its position in Arista Networks by 2.0% during the third quarter. LPL Financial LLC now owns 250,416 shares of the technology company’s stock worth $96,114,000 after buying an additional 4,952 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ANET has been the topic of several recent analyst reports. Piper Sandler restated a “neutral” rating and set a $108.00 target price (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Erste Group Bank downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Citigroup upped their price target on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Evercore ISI upped their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Trading Up 0.3 %

ANET opened at $83.26 on Friday. The company has a fifty day simple moving average of $102.53 and a 200 day simple moving average of $101.60. The firm has a market cap of $104.99 billion, a price-to-earnings ratio of 37.50, a PEG ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a twelve month low of $60.08 and a twelve month high of $133.58.

Arista Networks (NYSE:ANET) last released its quarterly 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. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. On average, analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,537,266.72. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. In the last three months, insiders sold 491,001 shares of company stock valued at $49,112,111. 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.