Geode Capital Management LLC Acquires 18,293,874 Shares of Arista Networks, Inc. (NYSE:ANET)

Geode Capital Management LLC grew its holdings in Arista Networks, Inc. (NYSE:ANET) by 311.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,165,355 shares of the technology company’s stock after acquiring an additional 18,293,874 shares during the quarter. Geode Capital Management LLC owned 1.92% of Arista Networks worth $2,665,829,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of ANET. Public Sector Pension Investment Board lifted its holdings in shares of Arista Networks by 23.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 10,092 shares of the technology company’s stock worth $3,874,000 after acquiring an additional 1,900 shares during the period. Cobblestone Capital Advisors LLC NY acquired a new stake in Arista Networks in the 3rd quarter valued at $214,000. True Wealth Design LLC raised its stake in Arista Networks by 2,133.3% during the third quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after acquiring an additional 128 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of Arista Networks during the third quarter valued at $16,941,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Arista Networks in the 3rd quarter valued at $2,648,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $77.48 on Tuesday. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58. The stock 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. The firm has a 50 day moving average price of $98.31 and a 200 day moving average price of $101.83.

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

Insiders Place Their Bets

In related news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the transaction, the director now directly owns 163,784 shares in the company, valued at approximately $18,263,553.84. This trade represents a 4.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the sale, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. The trade was a 59.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock worth $49,112,111 over the last ninety days. 3.54% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on ANET shares. Morgan Stanley boosted their price target 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. Evercore ISI upped their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Piper Sandler reissued a “neutral” rating and issued a $108.00 target price (up from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. One investment 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $114.00.

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.