Jupiter Asset Management Ltd. Acquires 475,960 Shares of Arista Networks, Inc. (NYSE:ANET)

Jupiter Asset Management Ltd. increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 18,879.8% in the fourth quarter, HoldingsChannel reports. The firm owned 478,481 shares of the technology company’s stock after buying an additional 475,960 shares during the period. Jupiter Asset Management Ltd.’s holdings in Arista Networks were worth $52,887,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Zions Bancorporation N.A. raised its position in Arista Networks by 6.9% during the third quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock valued at $160,000 after purchasing an additional 27 shares in the last quarter. Intellectus Partners LLC grew its stake in shares of Arista Networks by 1.4% during the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock worth $740,000 after buying an additional 27 shares during the last quarter. Altman Advisors Inc. grew its stake in shares of Arista Networks by 0.5% in the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after purchasing an additional 28 shares during the last quarter. Anchor Investment Management LLC grew its stake 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 worth $52,000 after purchasing an additional 35 shares during the last quarter. Finally, Freedom Investment Management Inc. grew its stake in shares of Arista Networks by 2.3% in the third quarter. Freedom Investment Management Inc. now owns 1,621 shares of the technology company’s stock worth $622,000 after purchasing an additional 36 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Up 1.9 %

Shares of NYSE ANET opened at $79.07 on Wednesday. The firm’s 50-day moving average price is $107.62 and its 200-day moving average price is $102.03. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58. The firm has a market capitalization of $99.72 billion, a P/E ratio of 35.62, a P/E/G ratio of 3.10 and a beta of 1.08.

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

Wall Street Analysts Forecast Growth

ANET has been the topic of several analyst reports. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Rosenblatt Securities reissued a “sell” rating and issued a $80.00 price objective on shares of Arista Networks in a research note on Tuesday, February 18th. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Evercore ISI boosted their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the sale, the senior vice president now owns 12,976 shares in the company, valued at $1,101,013.60. This represents a 86.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the sale, the chief executive officer now owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock worth $49,112,111 in the last quarter. Insiders own 3.54% of the company’s stock.

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.