Benchstone Capital Management LP Buys New Shares in Arista Networks, Inc. (NYSE:ANET)

Benchstone Capital Management LP bought a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 4th quarter, HoldingsChannel.com reports. The fund bought 206,985 shares of the technology company’s stock, valued at approximately $22,878,000. Arista Networks comprises approximately 2.4% of Benchstone Capital Management LP’s portfolio, making the stock its 21st largest position.

A number of other large investors have also bought and sold shares of ANET. Caitlin John LLC grew its holdings in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after buying an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC lifted its stake in Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after acquiring an additional 191 shares in the last quarter. Cranbrook Wealth Management LLC boosted its holdings in Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after acquiring an additional 198 shares during the last quarter. Trust Co. of Vermont grew its stake in shares of Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after acquiring an additional 198 shares in the last quarter. Finally, New Millennium Group LLC raised its holdings in shares of Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after purchasing an additional 195 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ANET has been the topic of several analyst reports. Barclays restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Citigroup increased their price target on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Piper Sandler reissued a “neutral” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus price target of $114.00.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the sale, the senior vice president now directly 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 SEC, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total transaction of $896,160.00. Following the completion of the transaction, the director now owns 155,784 shares of the company’s stock, valued at $17,450,923.68. This trade represents a 4.88 % 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 90 days. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET opened at $83.26 on Friday. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58. The business has a 50-day moving average of $102.53 and a 200 day moving average of $101.60. The firm has a market cap of $104.99 billion, a P/E ratio of 37.50, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

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 analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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.