Choreo LLC Increases Stake in Arista Networks, Inc. (NYSE:ANET)

Choreo LLC grew its stake in Arista Networks, Inc. (NYSE:ANET) by 404.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 25,445 shares of the technology company’s stock after buying an additional 20,401 shares during the quarter. Choreo LLC’s holdings in Arista Networks were worth $2,834,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. State Street Corp boosted its stake in shares of Arista Networks by 3.8% in the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after buying an additional 411,109 shares during the period. Swedbank AB boosted its holdings in Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock valued at $746,165,000 after purchasing an additional 5,034,022 shares in the last quarter. Geode Capital Management LLC increased its stake in Arista Networks by 4.2% in the third quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock valued at $2,246,705,000 after purchasing an additional 236,151 shares during the last quarter. Jennison Associates LLC raised its holdings in Arista Networks by 307.7% during the fourth quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock worth $512,056,000 after purchasing an additional 3,496,497 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Arista Networks by 22.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock worth $1,021,228,000 after buying an additional 492,615 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

ANET has been the topic of several research analyst reports. Piper Sandler reiterated a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Wells Fargo & Company boosted their target price on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Rosenblatt Securities upped their target price on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research report on Friday, November 8th. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Finally, Barclays decreased their price objective on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Stock Down 0.3 %

Shares of ANET stock opened at $115.11 on Friday. The stock has a market capitalization of $145.01 billion, a PE ratio of 55.34, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.57. The stock’s 50-day moving average price is $112.58 and its 200 day moving average price is $99.48.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the firm posted $0.41 EPS. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. Analysts expect that Arista Networks, Inc. will post 1.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jayshree Ullal sold 71,036 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $100.06, for a total value of $7,107,506.98. Following the sale, the chief executive officer now owns 70,724 shares in the company, valued at $7,076,289.82. This represents a 50.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now owns 42,946 shares in the company, valued at approximately $17,721,666.90. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 255,832 shares of company stock worth $28,538,497. Company 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.