Cannell & Spears LLC Purchases 8,439 Shares of Arista Networks, Inc. (NYSE:ANET)

Cannell & Spears LLC grew its position in Arista Networks, Inc. (NYSE:ANET) by 300.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,249 shares of the technology company’s stock after acquiring an additional 8,439 shares during the quarter. Cannell & Spears LLC’s holdings in Arista Networks were worth $1,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after purchasing an additional 72,311,318 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after buying an additional 14,454,822 shares in the last quarter. Norges Bank bought a new stake in shares of Arista Networks in the 4th quarter worth about $1,397,833,000. Wellington Management Group LLP raised its position in shares of Arista Networks by 313.9% during the 4th quarter. Wellington Management Group LLP now owns 11,013,511 shares of the technology company’s stock valued at $1,217,323,000 after buying an additional 8,352,816 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Arista Networks by 2,734.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,415,621 shares of the technology company’s stock valued at $598,589,000 after acquiring an additional 5,224,540 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction on Monday, February 24th. The stock was 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 directly owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,537,266.72. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock valued at $49,112,111 over the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Trading Down 0.6 %

Shares of Arista Networks stock opened at $77.48 on Tuesday. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.58. The stock’s fifty day moving average price is $98.31 and its 200-day moving average price is $101.83. The firm has a market cap of $97.71 billion, a P/E ratio of 34.90, a P/E/G ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS 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 business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ANET. Rosenblatt Securities restated a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a research report on Tuesday, February 18th. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and increased their price target for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Evercore ISI lifted 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. Morgan Stanley boosted their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Finally, StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $114.00.

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.