Frontier Capital Management Co. LLC Grows Stake in Arista Networks, Inc. (NYSE:ANET)

Frontier Capital Management Co. LLC grew its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 276.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 787,700 shares of the technology company's stock after acquiring an additional 578,502 shares during the period. Arista Networks comprises about 0.8% of Frontier Capital Management Co. LLC's holdings, making the stock its 23rd largest holding. Frontier Capital Management Co. LLC owned about 0.06% of Arista Networks worth $87,064,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in shares of Arista Networks by 9.3% during the 3rd quarter. Principal Financial Group Inc. now owns 339,556 shares of the technology company's stock valued at $130,328,000 after buying an additional 29,006 shares during the period. CWA Asset Management Group LLC lifted its holdings in shares of Arista Networks by 324.8% during the 4th quarter. CWA Asset Management Group LLC now owns 3,292 shares of the technology company's stock valued at $364,000 after buying an additional 2,517 shares during the period. Diversified Trust Co lifted its holdings in shares of Arista Networks by 440.5% during the 4th quarter. Diversified Trust Co now owns 27,880 shares of the technology company's stock valued at $3,082,000 after buying an additional 22,722 shares during the period. Fulton Bank N.A. lifted its holdings in shares of Arista Networks by 310.1% during the 4th quarter. Fulton Bank N.A. now owns 21,569 shares of the technology company's stock valued at $2,384,000 after buying an additional 16,310 shares during the period. Finally, Fortitude Family Office LLC lifted its holdings in shares of Arista Networks by 300.0% during the 4th quarter. Fortitude Family Office LLC now owns 2,128 shares of the technology company's stock valued at $235,000 after buying an additional 1,596 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ANET. UBS Group raised 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 report on Wednesday, March 5th. Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Needham & Company LLC decreased their target price on Arista Networks from $145.00 to $130.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. The Goldman Sachs Group cut their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Finally, Rosenblatt Securities increased their price target on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $106.07.

Arista Networks Price Performance

Shares of Arista Networks stock traded up $4.90 during trading on Tuesday, reaching $97.22. 7,997,386 shares of the stock traded hands, compared to its average volume of 9,055,525. The company has a market capitalization of $122.10 billion, a price-to-earnings ratio of 43.79, a P/E/G ratio of 3.10 and a beta of 1.38. The business has a fifty day simple moving average of $79.03 and a two-hundred day simple moving average of $97.25. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share 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%. The business's quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. On average, research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company's stock, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the transaction, the director now directly owns 8,128 shares in the company, valued at approximately $870,752.64. The trade was a 15.47% 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 valued at $37,216,079. Insiders own 3.39% 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.