Rockefeller Capital Management L.P. Acquires 542,978 Shares of Arista Networks, Inc. (NYSE:ANET)

Rockefeller Capital Management L.P. boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 358.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 694,506 shares of the technology company’s stock after purchasing an additional 542,978 shares during the quarter. Rockefeller Capital Management L.P. owned about 0.06% of Arista Networks worth $76,764,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Morse Asset Management Inc purchased a new position in Arista Networks in the third quarter worth $123,000. Sunbelt Securities Inc. boosted its position in shares of Arista Networks by 193.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 689 shares of the technology company’s stock worth $264,000 after purchasing an additional 454 shares in the last quarter. Rehmann Capital Advisory Group grew its stake in Arista Networks by 3.8% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,177 shares of the technology company’s stock worth $453,000 after buying an additional 43 shares during the last quarter. Virtu Financial LLC acquired a new position in Arista Networks during the 3rd quarter valued at about $1,752,000. Finally, Anchor Investment Management LLC raised its stake in Arista Networks by 35.0% in the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock valued at $52,000 after buying an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $72.50 on Friday. The business’s 50 day moving average price is $88.74 and its 200-day moving average price is $100.12. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The firm has a market capitalization of $91.43 billion, a price-to-earnings ratio of 32.66, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data 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. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ANET shares. Morgan Stanley cut their price objective on shares of Arista Networks from $118.00 to $73.00 and set an “overweight” rating on the stock in a report on Tuesday. Evercore ISI upped their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Citigroup upped their target price on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $108.50.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated 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 sale, the director now owns 155,784 shares of the company’s stock, valued at approximately $17,450,923.68. This represents a 4.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold 411,031 shares of company stock valued at $39,364,943 over the last ninety days. Insiders own 3.54% of the company’s stock.

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.