Gotham Asset Management LLC Buys 18,587 Shares of Arista Networks, Inc. (NYSE:ANET)

Gotham Asset Management LLC lifted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 166.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,729 shares of the technology company's stock after acquiring an additional 18,587 shares during the quarter. Gotham Asset Management LLC's holdings in Arista Networks were worth $3,286,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ANET. Caitlin John LLC lifted its holdings in Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC lifted its holdings in 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 buying an additional 191 shares during the period. New Millennium Group LLC lifted its holdings in Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 195 shares during the period. Cranbrook Wealth Management LLC lifted its holdings in Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock worth $29,000 after buying an additional 198 shares during the period. Finally, Trust Co. of Vermont lifted its holdings in Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock worth $29,000 after buying an additional 198 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total value of $712,240.00. Following the transaction, the director now owns 147,784 shares in the company, valued at approximately $13,157,209.52. This 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 accessible through this link. Also, insider John F. Mccool sold 17,433 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $96.57, for a total value of $1,683,504.81. The disclosure for this sale can be found here. Insiders sold a total of 410,867 shares of company stock valued at $37,056,669 over the last three months. Corporate insiders own 3.39% of the company's stock.

Arista Networks Stock Performance

ANET traded up $0.24 during midday trading on Friday, reaching $96.31. 5,866,947 shares of the company were exchanged, compared to its average volume of 9,071,408. The company's fifty day moving average price is $80.29 and its 200 day moving average price is $97.20. The company has a market cap of $120.95 billion, a price-to-earnings ratio of 43.38, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58.

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 (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. The company 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 period in the prior year, the company posted $0.50 earnings per share. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its board has approved a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ANET shares. Rosenblatt Securities boosted their price objective on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. JPMorgan Chase & Co. decreased their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Morgan Stanley boosted their target price on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $107.14.

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.