Pier 88 Investment Partners LLC Increases Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Pier 88 Investment Partners LLC boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 94.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 7,840 shares of the technology company’s stock after buying an additional 3,810 shares during the period. Pier 88 Investment Partners LLC’s holdings in Arista Networks were worth $867,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ANET. Vanguard Group Inc. boosted its stake in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after purchasing an additional 72,311,318 shares during the period. Norges Bank purchased a new position in shares of Arista Networks during the fourth quarter valued at approximately $1,397,833,000. Wellington Management Group LLP grew its stake in shares of Arista Networks by 313.9% during the fourth quarter. Wellington Management Group LLP now owns 11,013,511 shares of the technology company’s stock valued at $1,217,323,000 after buying an additional 8,352,816 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Arista Networks by 2,734.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,415,621 shares of the technology company’s stock valued at $598,589,000 after buying an additional 5,224,540 shares during the last quarter. Finally, Swedbank AB raised its holdings in shares of Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after buying an additional 5,034,022 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Down 1.3 %

Shares of NYSE:ANET opened at $77.91 on Monday. The company has a market capitalization of $98.25 billion, a PE ratio of 35.09, a P/E/G ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.58. The business’s fifty day simple moving average is $99.16 and its 200-day simple moving average is $101.91.

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

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total value of $6,788,000.00. Following the sale, the senior vice president now owns 12,976 shares in the company, valued at $1,101,013.60. This represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the sale, the director now directly owns 163,784 shares in the company, valued at $18,263,553.84. This trade represents a 4.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock valued at $49,112,111 in the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ANET. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Rosenblatt Securities restated a “sell” rating and issued a $80.00 price target on shares of Arista Networks in a report on Tuesday, February 18th. Citigroup lifted their price objective on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Evercore ISI upped their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, Erste Group Bank downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

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.