MIG Capital LLC Invests $340,000 in Arista Networks, Inc. (NYSE:ANET)

MIG Capital LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,080 shares of the technology company’s stock, valued at approximately $340,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Anchor Investment Management LLC grew its position in Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after purchasing an additional 35 shares during the last quarter. LRI Investments LLC grew its holdings in Arista Networks by 3.1% in the 3rd quarter. LRI Investments LLC now owns 1,368 shares of the technology company’s stock worth $528,000 after buying an additional 41 shares in the last quarter. Rehmann Capital Advisory Group increased its position in Arista Networks by 3.8% in the 3rd quarter. Rehmann Capital Advisory Group now owns 1,177 shares of the technology company’s stock valued at $453,000 after acquiring an additional 43 shares during the period. Old North State Trust LLC raised its stake in Arista Networks by 6.9% during the 3rd quarter. Old North State Trust LLC now owns 1,371 shares of the technology company’s stock valued at $526,000 after acquiring an additional 89 shares in the last quarter. Finally, Orion Portfolio Solutions LLC boosted its position in Arista Networks by 0.8% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 12,723 shares of the technology company’s stock worth $4,883,000 after acquiring an additional 97 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of ANET opened at $64.28 on Friday. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.58. The company has a 50-day moving average of $94.01 and a two-hundred day moving average of $101.29. The stock has a market cap of $81.07 billion, a price-to-earnings ratio of 28.96, a PEG ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share 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 analysts’ expectations of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This represents a 5.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction on Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the sale, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at $8,697,137.08. This trade represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 491,001 shares of company stock valued at $48,840,431. Company insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Citigroup raised their price target on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Evercore ISI boosted their price target on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

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.