16,760 Shares in Arista Networks, Inc. (NYSE:ANET) Bought by 1248 Management LLC

1248 Management LLC purchased a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 16,760 shares of the technology company's stock, valued at approximately $1,852,000. Arista Networks makes up about 0.8% of 1248 Management LLC's investment portfolio, making the stock its 23rd largest holding.

Several other hedge funds also recently added to or reduced their stakes in the stock. Caitlin John LLC grew its position in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted its stake in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after acquiring an additional 191 shares during the last quarter. New Millennium Group LLC grew its position in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 195 shares during the period. Cranbrook Wealth Management LLC raised its holdings in Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock worth $29,000 after purchasing an additional 198 shares during the period. Finally, Trust Co. of Vermont lifted its position in Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Needham & Company LLC reissued a "buy" rating and set a $145.00 target price on shares of Arista Networks in a research note on Wednesday, February 19th. Evercore ISI lowered their price target on Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. The Goldman Sachs Group reiterated a "buy" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Rosenblatt Securities upgraded shares of Arista Networks from a "sell" rating to a "neutral" rating and upped their target price for the stock from $55.00 to $85.00 in a research report on Tuesday, April 29th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and a consensus target price of $108.36.

Insider Activity at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,488 shares of the firm's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $107.13, for a total transaction of $159,409.44. Following the transaction, the director now owns 8,128 shares in the company, valued at approximately $870,752.64. This trade represents a 15.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company's stock, valued at approximately $1,500,155.36. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 412,355 shares of company stock worth $39,259,279 in the last 90 days. 3.54% of the stock is owned by corporate insiders.

Arista Networks Stock Performance

ANET stock traded up $0.72 during mid-day trading on Tuesday, reaching $91.10. 13,987,241 shares of the stock traded hands, compared to its average volume of 9,187,345. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock has a market capitalization of $114.38 billion, a PE ratio of 41.03, a PEG ratio of 3.10 and a beta of 1.38. The business has a 50-day moving average price of $79.03 and a two-hundred day moving average price of $97.62.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.60 by $0.03. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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.