Pinnbrook Capital Management LP Purchases New Position in Arista Networks, Inc. (NYSE:ANET)

Pinnbrook Capital Management LP purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 54,513 shares of the technology company’s stock, valued at approximately $6,025,000. Arista Networks makes up 0.6% of Pinnbrook Capital Management LP’s investment portfolio, making the stock its 29th biggest position.

Several other institutional investors also recently bought and sold shares of the business. State Street Corp raised its position in shares of Arista Networks by 3.8% during the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after purchasing an additional 411,109 shares during the last quarter. Swedbank AB increased its stake in Arista Networks by 293.2% during the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after buying an additional 5,034,022 shares in the last quarter. WCM Investment Management LLC raised its holdings in shares of Arista Networks by 292.8% during 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 last quarter. Geode Capital Management LLC lifted its position in shares of 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 acquiring an additional 236,151 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of Arista Networks by 307.7% in the fourth quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock worth $512,056,000 after acquiring an additional 3,496,497 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ANET. Wells Fargo & Company increased their price objective on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Morgan Stanley raised their price target on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Rosenblatt Securities upped their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research note on Friday, November 8th. The Goldman Sachs Group increased their price objective on shares of Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Evercore ISI boosted their target price on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One equities 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $107.59.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 71,036 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $100.06, for a total transaction of $7,107,506.98. Following the transaction, the chief executive officer now owns 70,724 shares of the company’s stock, valued at approximately $7,076,289.82. This represents a 50.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John F. Mccool sold 6,340 shares of Arista Networks stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $98.58, for a total value of $625,013.05. Following the completion of the transaction, the insider now directly owns 288 shares of the company’s stock, valued at approximately $28,391.76. This represents a 95.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 335,832 shares of company stock worth $37,787,297. 3.54% of the stock is currently owned by insiders.

Arista Networks Stock Down 2.8 %

Shares of Arista Networks stock opened at $106.64 on Tuesday. The business’s fifty day simple moving average is $113.94 and its 200-day simple moving average is $101.16. The firm has a market cap of $134.35 billion, a PE ratio of 51.27, 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.

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.