FORA Capital LLC Takes $9.83 Million Position in Arista Networks, Inc. (NYSE:ANET)

FORA Capital LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 88,952 shares of the technology company's stock, valued at approximately $9,832,000. Arista Networks makes up 1.1% of FORA Capital LLC's portfolio, making the stock its 15th largest position.

Other hedge funds have also recently made changes to their positions in the company. Fred Alger Management LLC grew its stake in Arista Networks by 40.0% during the fourth quarter. Fred Alger Management LLC now owns 41,989 shares of the technology company's stock valued at $4,641,000 after acquiring an additional 11,990 shares in the last quarter. Frontier Capital Management Co. LLC lifted its position in shares of Arista Networks by 276.5% in the fourth quarter. Frontier Capital Management Co. LLC now owns 787,700 shares of the technology company's stock worth $87,064,000 after buying an additional 578,502 shares in the last quarter. Circle Wealth Management LLC grew its holdings in Arista Networks by 299.0% during the 4th quarter. Circle Wealth Management LLC now owns 40,538 shares of the technology company's stock valued at $4,481,000 after buying an additional 30,378 shares in the last quarter. Clark Capital Management Group Inc. grew its holdings in Arista Networks by 303.1% during the 4th quarter. Clark Capital Management Group Inc. now owns 526,737 shares of the technology company's stock valued at $58,220,000 after buying an additional 396,057 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Arista Networks by 329.5% during the 4th quarter. Deutsche Bank AG now owns 6,397,154 shares of the technology company's stock worth $707,077,000 after acquiring an additional 4,907,742 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Insider Buying and Selling

In other news, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares in the company, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 51,848 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Insiders sold a total of 412,355 shares of company stock valued at $37,216,079 over the last three months. 3.39% of the stock is owned by company insiders.

Arista Networks Stock Performance

Arista Networks stock traded down $1.12 during trading hours on Friday, hitting $86.15. The company had a trading volume of 8,267,268 shares, compared to its average volume of 9,055,203. The firm has a market cap of $108.17 billion, a P/E ratio of 38.81, a P/E/G ratio of 3.10 and a beta of 1.38. The company has a 50-day moving average price of $78.94 and a two-hundred day moving average price of $97.31. 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 announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 earnings per share. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has approved a stock repurchase program on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

ANET has been the topic of several research reports. Piper Sandler restated a "neutral" rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday. Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Barclays lowered their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday. Rosenblatt Securities upped their price objective on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. dropped their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $106.07.

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.