ZEGA Investments LLC Purchases New Shares in Arista Networks, Inc. (NYSE:ANET)

ZEGA Investments LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,701 shares of the technology company’s stock, valued at approximately $1,846,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Swedbank AB increased its position in shares of Arista Networks by 293.2% during the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after purchasing an additional 5,034,022 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Arista Networks by 320.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock worth $713,721,000 after buying an additional 4,919,882 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Arista Networks by 294.1% in the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock valued at $678,308,000 after buying an additional 4,579,622 shares during the last quarter. WCM Investment Management LLC lifted its stake in shares of Arista Networks by 292.8% in the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock worth $674,627,000 after buying an additional 4,512,166 shares in the last quarter. Finally, Amundi grew its stake in Arista Networks by 196.3% during the 4th quarter. Amundi now owns 6,342,064 shares of the technology company’s stock valued at $732,493,000 after acquiring an additional 4,201,973 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total value of $892,080.00. Following the sale, the director now directly owns 163,784 shares in the company, valued at approximately $18,263,553.84. This trade represents a 4.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the business’s 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 of the company’s stock, valued at $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock valued at $49,112,111 in the last ninety days. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 0.3 %

ANET opened at $83.26 on Friday. The firm has a market cap of $104.99 billion, a P/E ratio of 37.50, a P/E/G ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a 52 week low of $60.08 and a 52 week high of $133.58. The business has a fifty day simple moving average of $102.53 and a 200-day simple moving average of $101.60.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Sell-side analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ANET shares. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Morgan Stanley raised their target price on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Evercore ISI boosted their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, 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 report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $114.00.

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.