Concentric Capital Strategies LP Has $15.22 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

Concentric Capital Strategies LP boosted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 372.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 137,718 shares of the technology company's stock after purchasing an additional 108,560 shares during the quarter. Arista Networks accounts for about 0.7% of Concentric Capital Strategies LP's portfolio, making the stock its 21st largest holding. Concentric Capital Strategies LP's holdings in Arista Networks were worth $15,222,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Stock Yards Bank & Trust Co. bought a new position in Arista Networks during the 4th quarter worth approximately $242,000. GHE LLC boosted its position in shares of Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after buying an additional 21,597 shares during the last quarter. Colonial River Investments LLC raised its holdings in shares of Arista Networks by 327.6% in the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after purchasing an additional 7,466 shares during the last quarter. Unified Investment Management purchased a new position in shares of Arista Networks in the 4th quarter worth approximately $630,000. Finally, Berkshire Capital Holdings Inc. grew its stake in Arista Networks by 257.6% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock valued at $8,505,000 after purchasing an additional 55,430 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total transaction of $712,240.00. Following the sale, the director now owns 147,784 shares in the company, valued at $13,157,209.52. This trade represents a 5.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer now owns 92,641 shares of the company's stock, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 412,355 shares of company stock worth $39,259,279. 3.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ANET shares. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Barclays restated an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. UBS Group upgraded shares of 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 research report on Wednesday, March 5th. Evercore ISI lowered their target price on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Rosenblatt Securities raised shares of Arista Networks from a "sell" rating to a "neutral" rating and raised their price target for the stock from $55.00 to $85.00 in a report on Tuesday, April 29th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and a consensus target price of $108.36.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $91.10 on Wednesday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The firm has a 50-day simple moving average of $79.02 and a two-hundred day simple moving average of $97.58. The company has a market cap of $114.38 billion, a P/E ratio of 41.03, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the company posted $0.50 EPS. The business's revenue was up 27.6% on a year-over-year basis. Equities research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

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.

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