Invesco Ltd. Has $1.24 Billion Holdings in Arista Networks, Inc. (NYSE:ANET)

Invesco Ltd. increased its holdings in Arista Networks, Inc. (NYSE:ANET) by 271.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,190,118 shares of the technology company’s stock after purchasing an additional 8,175,884 shares during the quarter. Invesco Ltd. owned approximately 0.89% of Arista Networks worth $1,236,844,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Morse Asset Management Inc bought a new position in Arista Networks during the third quarter valued at $123,000. EP Wealth Advisors LLC purchased a new stake in shares of Arista Networks in the 3rd quarter valued at $6,100,000. iA Global Asset Management Inc. purchased a new position in shares of Arista Networks in the third quarter valued at about $2,961,000. National Bank of Canada FI raised its stake in Arista Networks by 46.0% in the third quarter. National Bank of Canada FI now owns 186,429 shares of the technology company’s stock worth $71,555,000 after buying an additional 58,718 shares in the last quarter. Finally, Orion Portfolio Solutions LLC lifted its position in Arista Networks by 0.8% during the third quarter. Orion Portfolio Solutions LLC now owns 12,723 shares of the technology company’s stock valued at $4,883,000 after buying an additional 97 shares during the period. Institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Erste Group Bank lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Piper Sandler reaffirmed 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, February 19th. Finally, UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and increased their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Arista Networks Stock Down 9.8 %

ANET opened at $64.28 on Monday. Arista Networks, Inc. has a 52-week low of $57.80 and a 52-week high of $133.58. The company has a 50 day moving average of $94.01 and a two-hundred day moving average of $101.37. The company has a market cap of $81.07 billion, a P/E ratio of 28.96, a P/E/G ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,500,155.36. This represents a 86.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares of the company’s stock, valued at approximately $10,840,249.20. This trade represents a 5.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 411,001 shares of company stock worth $39,362,831 over the last quarter. 3.54% of the stock is currently owned by company insiders.

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.