Absolute Capital Management LLC Invests $330,000 in Arista Networks, Inc. (NYSE:ANET)

Absolute Capital Management LLC acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, Holdings Channel.com reports. The fund acquired 1,400 shares of the technology company’s stock, valued at approximately $330,000.

Several other large investors also recently added to or reduced their stakes in ANET. Flagship Harbor Advisors LLC bought a new stake in Arista Networks in the third quarter worth approximately $204,000. DAVENPORT & Co LLC grew its position in Arista Networks by 6.1% in the third quarter. DAVENPORT & Co LLC now owns 6,179 shares of the technology company’s stock worth $1,137,000 after acquiring an additional 354 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Arista Networks by 74.7% in the third quarter. Exchange Traded Concepts LLC now owns 14,070 shares of the technology company’s stock worth $2,588,000 after acquiring an additional 6,014 shares in the last quarter. Caprock Group LLC grew its position in Arista Networks by 6.5% in the third quarter. Caprock Group LLC now owns 5,238 shares of the technology company’s stock worth $963,000 after acquiring an additional 320 shares in the last quarter. Finally, Czech National Bank lifted its stake in shares of Arista Networks by 48.3% in the third quarter. Czech National Bank now owns 43,834 shares of the technology company’s stock worth $8,062,000 after buying an additional 14,274 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $264.70 on Friday. The firm has a market capitalization of $83.01 billion, a PE ratio of 40.29, a price-to-earnings-growth ratio of 2.26 and a beta of 1.09. The company’s fifty day moving average price is $279.09 and its two-hundred day moving average price is $247.22. Arista Networks, Inc. has a 52-week low of $131.68 and a 52-week high of $307.74.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.38. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.25 EPS. Analysts predict that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $286.52, for a total value of $573,040.00. Following the sale, the director now owns 60,946 shares of the company’s stock, valued at approximately $17,462,247.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $286.52, for a total value of $573,040.00. Following the sale, the director now owns 60,946 shares of the company’s stock, valued at approximately $17,462,247.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 980 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $268.29, for a total transaction of $262,924.20. Following the completion of the sale, the chief executive officer now directly owns 73,051 shares in the company, valued at approximately $19,598,852.79. The disclosure for this sale can be found here. Insiders have sold 333,494 shares of company stock valued at $95,632,321 in the last 90 days. 18.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ANET shares. Evercore ISI restated an “outperform” rating and issued a $300.00 price objective on shares of Arista Networks in a research note on Wednesday, March 27th. KeyCorp boosted their price objective on shares of Arista Networks from $232.00 to $287.00 and gave the stock an “overweight” rating in a research note on Thursday, January 18th. Piper Sandler boosted their price objective on shares of Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 13th. Morgan Stanley boosted their price objective on shares of Arista Networks from $230.00 to $272.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research note on Tuesday, February 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $275.59.

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.