Mitchell Capital Management Co. Boosts Position in Arista Networks, Inc. (NYSE:ANET)

Mitchell Capital Management Co. increased its stake in Arista Networks, Inc. (NYSE:ANET) by 293.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 104,724 shares of the technology company’s stock after acquiring an additional 78,108 shares during the quarter. Arista Networks comprises 2.0% of Mitchell Capital Management Co.’s holdings, making the stock its 11th largest position. Mitchell Capital Management Co.’s holdings in Arista Networks were worth $11,575,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Zions Bancorporation N.A. grew its holdings in Arista Networks by 6.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock worth $160,000 after acquiring an additional 27 shares in the last quarter. Intellectus Partners LLC grew its holdings in Arista Networks by 1.4% during the 3rd quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock worth $740,000 after acquiring an additional 27 shares in the last quarter. Altman Advisors Inc. grew its holdings in Arista Networks by 0.5% during the 3rd quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after acquiring an additional 28 shares in the last quarter. HM Payson & Co. grew its holdings in Arista Networks by 28.2% during the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock worth $51,000 after acquiring an additional 29 shares in the last quarter. Finally, Beacon Financial Advisory LLC grew its holdings in Arista Networks by 4.9% during the 3rd quarter. Beacon Financial Advisory LLC now owns 640 shares of the technology company’s stock worth $246,000 after acquiring an additional 30 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Up 1.7 %

ANET stock opened at $93.10 on Friday. The firm has a 50 day moving average of $111.80 and a 200 day moving average of $102.19. The stock has a market capitalization of $117.41 billion, a PE ratio of 41.94, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a 52 week low of $60.08 and a 52 week high of $133.57.

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ANET. Evercore ISI increased their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Needham & Company LLC restated a “buy” rating and issued a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Piper Sandler restated a “neutral” rating and issued a $108.00 price target (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Finally, The Goldman Sachs Group raised their price target on shares of Arista Networks from $135.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $113.79.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the transaction, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John F. Mccool sold 17,433 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $96.57, for a total transaction of $1,683,504.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 433,441 shares of company stock valued at $46,538,462. 3.54% of the stock is owned by insiders.

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.