Great Lakes Retirement Inc. Increases Stock Position in Arista Networks, Inc. (NYSE:ANET)

Great Lakes Retirement Inc. increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 302.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 45,270 shares of the technology company’s stock after purchasing an additional 34,008 shares during the quarter. Great Lakes Retirement Inc.’s holdings in Arista Networks were worth $5,004,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of ANET. State Street Corp boosted its position in shares of Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after buying an additional 411,109 shares during the period. Swedbank AB boosted its position in Arista Networks by 293.2% in the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock valued at $746,165,000 after buying an additional 5,034,022 shares during the last quarter. WCM Investment Management LLC boosted its holdings in 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 valued at $674,627,000 after purchasing an additional 4,512,166 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Arista Networks by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock valued at $2,246,705,000 after purchasing an additional 236,151 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Arista Networks by 307.7% in the fourth quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock worth $512,056,000 after buying an additional 3,496,497 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ANET shares. The Goldman Sachs Group raised their price objective on shares of Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Rosenblatt Securities lifted their price target on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research note on Friday, November 8th. Barclays cut their price objective on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Finally, Morgan Stanley raised their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $105.83.

Arista Networks Price Performance

Shares of ANET opened at $116.82 on Wednesday. The company has a 50-day moving average of $113.57 and a two-hundred day moving average of $100.33. The stock has a market cap of $147.16 billion, a price-to-earnings ratio of 56.16, a PEG ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.57.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 71,036 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $100.06, for a total transaction of $7,107,506.98. Following the transaction, the chief executive officer now directly owns 70,724 shares in the company, valued at $7,076,289.82. The trade was a 50.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the sale, the director now owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 335,832 shares of company stock worth $37,787,297. 3.54% of the stock is owned by corporate insiders.

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.