Arista Networks, Inc. (NYSE:ANET) Shares Bought by Northern Trust Corp

Northern Trust Corp grew its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 354.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,942,816 shares of the technology company's stock after purchasing an additional 7,753,991 shares during the quarter. Northern Trust Corp owned approximately 0.79% of Arista Networks worth $1,098,979,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in ANET. The Manufacturers Life Insurance Company raised its holdings in Arista Networks by 307.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 653,438 shares of the technology company's stock worth $72,229,000 after purchasing an additional 492,964 shares in the last quarter. Beacon Pointe Advisors LLC raised its holdings in Arista Networks by 283.5% in the fourth quarter. Beacon Pointe Advisors LLC now owns 5,200 shares of the technology company's stock worth $575,000 after purchasing an additional 3,844 shares in the last quarter. Public Employees Retirement Association of Colorado increased its holdings in shares of Arista Networks by 288.9% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 144,032 shares of the technology company's stock valued at $15,920,000 after acquiring an additional 106,995 shares in the last quarter. Quarry LP increased its holdings in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 206 shares in the last quarter. Finally, Whalerock Point Partners LLC increased its holdings in shares of Arista Networks by 300.0% during the fourth quarter. Whalerock Point Partners LLC now owns 9,496 shares of the technology company's stock valued at $1,050,000 after acquiring an additional 7,122 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of ANET stock traded up $5.59 on Thursday, reaching $87.86. 16,319,830 shares of the company were exchanged, compared to its average volume of 9,162,401. The company has a market cap of $110.31 billion, a price-to-earnings ratio of 39.57, a P/E/G ratio of 3.10 and a beta of 1.30. The business has a 50-day moving average price of $79.28 and a 200 day moving average price of $97.90. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. The business had revenue of $1.93 billion during the quarter, compared to analysts' expectations of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. As a group, equities analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ANET has been the topic of several recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $145.00 price objective on shares of Arista Networks in a report on Wednesday, February 19th. Evercore ISI dropped their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and boosted their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Piper Sandler decreased their target price on shares of Arista Networks from $108.00 to $76.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Finally, Rosenblatt Securities upgraded shares of Arista Networks from a "sell" rating to a "neutral" rating and boosted their target price for the company from $55.00 to $85.00 in a research report on Tuesday. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $108.36.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,488 shares of the company's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the completion of the sale, the director now owns 8,128 shares of the company's stock, valued at approximately $870,752.64. This represents a 15.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $112.02, for a total transaction of $896,160.00. Following the sale, the director now directly owns 155,784 shares of the company's stock, valued at approximately $17,450,923.68. This represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 412,355 shares of company stock valued at $39,446,799. Corporate insiders own 3.54% of the company's stock.

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.