Summit Global Investments Buys 31,307 Shares of Arista Networks, Inc. (NYSE:ANET)

Summit Global Investments boosted its stake in Arista Networks, Inc. (NYSE:ANET) by 681.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,898 shares of the technology company’s stock after purchasing an additional 31,307 shares during the quarter. Summit Global Investments’ holdings in Arista Networks were worth $3,972,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. True Wealth Design LLC increased its holdings in shares of Arista Networks by 2,133.3% in the third quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after acquiring an additional 128 shares in the last quarter. Anchor Investment Management LLC increased its holdings in shares of Arista Networks by 35.0% in the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after acquiring an additional 35 shares in the last quarter. Caitlin John LLC increased its holdings in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC increased its holdings in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after acquiring an additional 191 shares in the last quarter. Finally, New Millennium Group LLC increased its holdings in shares of Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 195 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ANET shares. Evercore ISI increased their price target on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and increased their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $83.26 on Friday. The stock has a 50 day moving average price of $102.53 and a 200 day moving average price of $101.60. Arista Networks, Inc. has a 52 week low of $60.08 and a 52 week high of $133.58. The stock has a market capitalization of $104.99 billion, a PE ratio of 37.50, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

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

Insider Activity

In other news, SVP Marc Taxay sold 51,848 shares of the stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares in the company, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock valued at $49,112,111 over the last three months. Insiders own 3.54% of the company’s stock.

Arista Networks 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.