Arista Networks, Inc. $ANET Shares Purchased by Thornburg Investment Management Inc.

Thornburg Investment Management Inc. grew its position in Arista Networks, Inc. (NYSE:ANET) by 13.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 164,945 shares of the technology company’s stock after purchasing an additional 19,460 shares during the period. Thornburg Investment Management Inc.’s holdings in Arista Networks were worth $24,034,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in Arista Networks in the 2nd quarter worth approximately $1,228,177,000. Massachusetts Financial Services Co. MA raised its stake in Arista Networks by 2,829.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock valued at $833,630,000 after acquiring an additional 5,525,828 shares in the last quarter. Holocene Advisors LP acquired a new position in Arista Networks during the 2nd quarter worth $247,451,000. Schroder Investment Management Group grew its stake in shares of Arista Networks by 14.8% in the second quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock worth $1,073,654,000 after purchasing an additional 1,350,593 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its stake in shares of Arista Networks by 282.9% in the second quarter. Panagora Asset Management Inc. now owns 1,549,486 shares of the technology company’s stock worth $158,528,000 after purchasing an additional 1,144,786 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In other Arista Networks news, insider Kenneth Duda sold 26,000 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $142.35, for a total transaction of $3,701,100.00. Following the sale, the insider owned 512,400 shares in the company, valued at approximately $72,940,140. The trade was a 4.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the completion of the transaction, the director owned 9,784 shares of the company’s stock, valued at approximately $1,373,967.12. The trade was a 44.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 194,422 shares of company stock valued at $25,620,741 over the last three months. Company insiders own 3.39% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $132.90 on Thursday. The stock has a market capitalization of $167.00 billion, a price-to-earnings ratio of 48.15, a PEG ratio of 2.28 and a beta of 1.42. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94. The company has a 50 day moving average price of $134.19 and a 200 day moving average price of $137.44.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.07. The company had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The firm’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.66 earnings per share. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ANET. UBS Group set a $200.00 price objective on shares of Arista Networks in a research note on Tuesday. Barclays restated an “overweight” rating and set a $184.00 price target (up from $183.00) on shares of Arista Networks in a research report on Friday, February 13th. Rosenblatt Securities increased their price objective on shares of Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a report on Tuesday, February 10th. Evercore reissued an “outperform” rating and set a $200.00 target price on shares of Arista Networks in a report on Friday, February 13th. Finally, Erste Group Bank downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $176.88.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.