Zweig DiMenna Associates LLC Buys New Shares in Arista Networks, Inc. (NYSE:ANET)

Zweig DiMenna Associates LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 29,761 shares of the technology company’s stock, valued at approximately $11,423,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Beacon Capital Management LLC lifted its stake in shares of Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares during the period. LGT Financial Advisors LLC purchased a new position in shares of Arista Networks in the 2nd quarter valued at about $27,000. Byrne Asset Management LLC purchased a new position in Arista Networks during the second quarter worth approximately $33,000. Sugarloaf Wealth Management LLC acquired a new stake in Arista Networks in the second quarter valued at approximately $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Arista Networks in the second quarter valued at approximately $35,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ANET. Evercore ISI lifted their price target on shares of Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Barclays lifted their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. UBS Group upped their price target on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. The Goldman Sachs Group lifted their price objective on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. increased their target price on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

Insider Buying and Selling at Arista Networks

In other news, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Arista Networks news, Director Kelly Bodnar Battles sold 373 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $396.48, for a total transaction of $147,887.04. Following the sale, the director now directly owns 2,192 shares in the company, valued at $869,084.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The disclosure for this sale can be found here. Insiders have sold a total of 58,570 shares of company stock valued at $21,474,782 over the last quarter. 3.54% of the stock is owned by company insiders.

Arista Networks Trading Up 0.4 %

NYSE ANET opened at $395.57 on Friday. The stock has a fifty day simple moving average of $370.52 and a 200-day simple moving average of $333.77. The stock has a market cap of $123.96 billion, a PE ratio of 55.09, a P/E/G ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $422.73.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the business earned $1.41 earnings per share. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. Research analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current year.

Arista Networks 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.