Handelsbanken Fonder AB Grows Holdings in Arista Networks, Inc. (NYSE:ANET)

Handelsbanken Fonder AB grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 277.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 645,811 shares of the technology company’s stock after buying an additional 474,804 shares during the quarter. Handelsbanken Fonder AB owned 0.05% of Arista Networks worth $71,381,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. MidAtlantic Capital Management Inc. acquired a new stake in shares of Arista Networks in the 3rd quarter worth about $44,000. HM Payson & Co. boosted its stake in shares of Arista Networks by 28.2% during the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock worth $51,000 after acquiring an additional 29 shares in the last quarter. True Wealth Design LLC boosted 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 buying an additional 128 shares during the period. Anchor Investment Management LLC lifted 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 valued at $52,000 after purchasing an additional 35 shares in the last quarter. Finally, Transcendent Capital Group LLC grew its stake in Arista Networks by 75.0% during the 3rd quarter. Transcendent Capital Group LLC now owns 175 shares of the technology company’s stock valued at $67,000 after acquiring an additional 75 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ANET shares. UBS Group upped their price objective on shares of Arista Networks from $106.00 to $112.00 and gave the company a “neutral” rating in a research note on Wednesday. Wells Fargo & Company lifted their price objective on Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group raised their price target on Arista Networks from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler reissued a “neutral” rating and issued a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday. Finally, Morgan Stanley raised their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $113.79.

Arista Networks Stock Down 6.5 %

ANET stock opened at $103.82 on Thursday. Arista Networks, Inc. has a twelve month low of $60.08 and a twelve month high of $133.57. The firm has a market capitalization of $130.79 billion, a PE ratio of 49.91, a PEG ratio of 2.87 and a beta of 1.09. The stock has a 50-day simple moving average of $114.08 and a two-hundred day simple moving average of $101.54.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.90 billion. On average, equities research analysts anticipate that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,488 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the transaction, the director now owns 8,128 shares in the company, valued at $870,752.64. The trade was a 15.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction 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 transaction, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 259,944 shares of company stock worth $30,214,186 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

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.