Cornerstone Advisors LLC Grows Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Cornerstone Advisors LLC grew its stake in Arista Networks, Inc. (NYSE:ANET) by 300.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 16,000 shares of the technology company’s stock after acquiring an additional 12,000 shares during the quarter. Cornerstone Advisors LLC’s holdings in Arista Networks were worth $1,768,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI increased its holdings in Arista Networks by 2,668.5% during the 4th quarter. Citizens Financial Group Inc. RI now owns 80,839 shares of the technology company’s stock worth $8,935,000 after purchasing an additional 77,919 shares during the period. Sage Mountain Advisors LLC boosted its holdings in shares of Arista Networks by 378.0% in the 4th quarter. Sage Mountain Advisors LLC now owns 4,617 shares of the technology company’s stock valued at $510,000 after buying an additional 3,651 shares in the last quarter. Net Worth Advisory Group increased its position in shares of Arista Networks by 286.4% during the fourth quarter. Net Worth Advisory Group now owns 7,941 shares of the technology company’s stock worth $878,000 after purchasing an additional 5,886 shares in the last quarter. Retirement Capital Strategies lifted its stake in Arista Networks by 300.2% in the fourth quarter. Retirement Capital Strategies now owns 31,708 shares of the technology company’s stock valued at $3,505,000 after buying an additional 23,785 shares during the last quarter. Finally, Clare Market Investments LLC acquired a new stake in Arista Networks during the 4th quarter worth $2,803,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,537,266.72. This represents a 86.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 92,641 shares in the company, 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 worth $49,112,111 over the last three months. Corporate insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on ANET. UBS Group raised shares of 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 research note on Wednesday, March 5th. Morgan Stanley upped their target price on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Rosenblatt Securities restated a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a research report on Tuesday, February 18th. Needham & Company LLC reiterated a “buy” rating and set a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Evercore ISI increased their target price on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Price Performance

Shares of ANET opened at $77.53 on Tuesday. The business’s 50-day moving average is $108.24 and its 200-day moving average is $102.10. The company has a market capitalization of $97.77 billion, a price-to-earnings ratio of 34.92, a P/E/G ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58.

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