Northeast Investment Management Purchases New Stake in Arista Networks, Inc. (NYSE:ANET)

Northeast Investment Management purchased a new stake in Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 3,195 shares of the technology company’s stock, valued at approximately $353,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of ANET. WCM Investment Management LLC boosted its holdings in shares of Arista Networks by 292.8% in the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock valued at $674,627,000 after acquiring an additional 4,512,166 shares during the period. Entropy Technologies LP grew its stake in Arista Networks by 386.3% in the 4th quarter. Entropy Technologies LP now owns 35,706 shares of the technology company’s stock valued at $3,947,000 after acquiring an additional 28,363 shares during the last quarter. Empirical Finance LLC increased its position in Arista Networks by 297.9% during the fourth quarter. Empirical Finance LLC now owns 32,202 shares of the technology company’s stock worth $3,559,000 after buying an additional 24,108 shares in the last quarter. Empowered Funds LLC grew its stake in Arista Networks by 367.0% in the 4th quarter. Empowered Funds LLC now owns 86,899 shares of the technology company’s stock worth $9,605,000 after acquiring an additional 68,290 shares during the period. Finally, Moloney Securities Asset Management LLC increased its stake in shares of Arista Networks by 846.4% during the 4th quarter. Moloney Securities Asset Management LLC now owns 10,789 shares of the technology company’s stock valued at $1,193,000 after acquiring an additional 9,649 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on ANET. Wells Fargo & Company upped their price target on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. UBS Group boosted their price objective on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a report on Friday, November 8th. The Goldman Sachs Group lifted their target price on Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Finally, StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $105.83.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the sale, the director now owns 155,784 shares of the company’s stock, valued at $17,450,923.68. The trade was a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 255,832 shares of company stock valued at $28,538,497 over the last three months. 3.54% of the stock is owned by corporate insiders.

Arista Networks Stock Performance

NYSE ANET opened at $118.52 on Friday. The stock has a market capitalization of $149.31 billion, a PE ratio of 56.98, a P/E/G ratio of 3.10 and a beta of 1.09. The stock has a 50-day simple moving average of $113.21 and a 200 day simple moving average of $99.81. Arista Networks, Inc. has a twelve month low of $60.08 and a twelve month high of $133.57.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the prior year, the company earned $0.41 EPS. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, equities research analysts forecast that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

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.