Cercano Management LLC Buys New Position in Arista Networks, Inc. $ANET

Cercano Management LLC bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 77,364 shares of the technology company’s stock, valued at approximately $11,273,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Syon Capital LLC increased its position in shares of Arista Networks by 12.8% during the third quarter. Syon Capital LLC now owns 19,119 shares of the technology company’s stock worth $2,786,000 after buying an additional 2,165 shares during the period. Advisors Capital Management LLC lifted its holdings in Arista Networks by 51.5% in the third quarter. Advisors Capital Management LLC now owns 5,352 shares of the technology company’s stock valued at $780,000 after buying an additional 1,820 shares during the period. First National Bank of Omaha bought a new stake in Arista Networks during the third quarter valued at $3,892,000. Maridea Wealth Management LLC acquired a new stake in Arista Networks during the 3rd quarter worth about $331,000. Finally, Drucker Wealth 3.0 LLC acquired a new position in shares of Arista Networks in the 3rd quarter valued at about $243,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $142.48 on Wednesday. The stock has a fifty day moving average of $133.56 and a 200-day moving average of $137.40. The stock has a market cap of $179.42 billion, a PE ratio of 51.62, a price-to-earnings-growth ratio of 2.39 and a beta of 1.42. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. The firm had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The company’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter last year, the company posted $0.66 EPS. On average, sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on ANET shares. Morgan Stanley reaffirmed an “overweight” rating and set a $165.00 target price on shares of Arista Networks in a research note on Friday. Barclays reiterated an “overweight” rating and set a $184.00 target price (up previously from $183.00) on shares of Arista Networks in a research report on Friday. Wells Fargo & Company raised their price target on shares of Arista Networks from $175.00 to $185.00 and gave the stock an “overweight” rating in a report on Friday, February 13th. KeyCorp reiterated an “overweight” rating and set a $178.00 price objective (up previously from $170.00) on shares of Arista Networks in a report on Friday. Finally, Rosenblatt Securities boosted their target price on Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a research report on Tuesday, February 10th. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average price target of $175.44.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, insider Kenneth Duda sold 26,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $128.43, for a total transaction of $3,339,180.00. Following the completion of the transaction, the insider owned 522,400 shares of the company’s stock, valued at $67,091,832. This represents a 4.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 24,042 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the completion of the sale, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. This represents a 70.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 160,464 shares of company stock valued at $20,351,388. Corporate insiders own 3.39% of the company’s stock.

Arista Networks Company Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.