Terra Nova Asset Management LLC Takes $264,000 Position in Arista Networks, Inc. (NYSE:ANET)

Terra Nova Asset Management LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,120 shares of the technology company’s stock, valued at approximately $264,000.

Other institutional investors have also recently bought and sold shares of the company. Morgan Stanley raised its position in Arista Networks by 162.2% in the 4th quarter. Morgan Stanley now owns 5,549,335 shares of the technology company’s stock worth $673,412,000 after purchasing an additional 3,432,952 shares during the last quarter. Norges Bank acquired a new stake in Arista Networks in the fourth quarter worth about $308,885,000. FMR LLC raised its holdings in Arista Networks by 32.2% during the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after purchasing an additional 2,515,864 shares during the last quarter. Schroder Investment Management Group grew its position in shares of Arista Networks by 439.3% during the 3rd quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock worth $231,624,000 after buying an additional 1,025,815 shares during the period. Finally, 1832 Asset Management L.P. raised its stake in shares of Arista Networks by 1,424.3% during the fourth quarter. 1832 Asset Management L.P. now owns 875,198 shares of the technology company’s stock worth $106,205,000 after buying an additional 817,781 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ANET. JMP Securities restated a “market outperform” rating and set a $325.00 price objective on shares of Arista Networks in a report on Tuesday, February 13th. Barclays raised their price objective on shares of Arista Networks from $272.00 to $311.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. KeyCorp lifted their price target on Arista Networks from $232.00 to $287.00 and gave the company an “overweight” rating in a research note on Thursday, January 18th. Piper Sandler increased their price objective on Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. Finally, Rosenblatt Securities boosted their target price on Arista Networks from $230.00 to $330.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Three research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.59.

Insider Buying and Selling

In other news, Director Yvonne Wassenaar sold 186 shares of the company’s stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $261.41, for a total value of $48,622.26. Following the completion of the transaction, the director now owns 2,678 shares of the company’s stock, valued at $700,055.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Yvonne Wassenaar sold 186 shares of the firm’s stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $261.41, for a total transaction of $48,622.26. Following the completion of the transaction, the director now directly owns 2,678 shares in the company, valued at $700,055.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marc Taxay sold 1,040 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $234.00, for a total transaction of $243,360.00. The disclosure for this sale can be found here. Insiders have sold 286,084 shares of company stock worth $79,741,091 in the last 90 days. Insiders own 18.99% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE ANET opened at $289.96 on Friday. The stock has a market capitalization of $90.65 billion, a PE ratio of 44.13, a P/E/G ratio of 2.49 and a beta of 1.10. Arista Networks, Inc. has a fifty-two week low of $131.68 and a fifty-two week high of $307.74. The business has a fifty day moving average price of $275.24 and a two-hundred day moving average price of $233.38.

Arista Networks (NYSE:ANET) last issued its earnings results on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, beating the consensus estimate of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the company earned $1.25 EPS. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. On average, equities analysts expect that Arista Networks, Inc. will post 6.63 EPS for the current year.

About Arista Networks

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.