Renaissance Technologies LLC grew its position in Arista Networks Inc (NYSE:ANET) by 22.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 826,200 shares of the technology company’s stock after buying an additional 150,000 shares during the period. Renaissance Technologies LLC owned approximately 1.13% of Arista Networks worth $194,636,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Bronfman E.L. Rothschild L.P. lifted its position in Arista Networks by 164.5% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 484 shares of the technology company’s stock valued at $114,000 after acquiring an additional 301 shares in the last quarter. Fieldpoint Private Securities LLC bought a new stake in Arista Networks during the 3rd quarter worth about $130,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Arista Networks during the 3rd quarter worth about $151,000. TRUE Private Wealth Advisors bought a new stake in Arista Networks during the 4th quarter worth about $210,000. Finally, CrestPoint Capital Management LLC bought a new stake in Arista Networks during the 4th quarter worth about $212,000. 56.52% of the stock is owned by institutional investors.
A number of brokerages have recently issued reports on ANET. Needham & Company LLC upped their target price on shares of Arista Networks from $300.00 to $315.00 and gave the company a “buy” rating in a report on Friday, February 16th. DA Davidson set a $300.00 price target on shares of Arista Networks and gave the company a “buy” rating in a research note on Friday, February 16th. Stifel Nicolaus upped their price target on shares of Arista Networks from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Gabelli lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Friday, February 16th. Finally, Oppenheimer increased their target price on shares of Arista Networks to $300.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Fourteen research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Arista Networks has an average rating of “Buy” and an average target price of $249.42.
Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, February 15th. The technology company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.39 by $0.32. The company had revenue of $467.90 million during the quarter, compared to analysts’ expectations of $463.82 million. Arista Networks had a net margin of 25.71% and a return on equity of 25.86%. Arista Networks’s revenue for the quarter was up 42.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.04 earnings per share. equities research analysts expect that Arista Networks Inc will post 6.01 earnings per share for the current fiscal year.
In other Arista Networks news, insider Jayshree Ullal sold 4,933 shares of the business’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $299.39, for a total value of $1,476,890.87. Following the completion of the transaction, the insider now owns 5,900 shares of the company’s stock, valued at approximately $1,766,401. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Anshul Sadana sold 7,306 shares of the business’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $298.00, for a total transaction of $2,177,188.00. Following the completion of the transaction, the insider now directly owns 4,053 shares of the company’s stock, valued at approximately $1,207,794. The disclosure for this sale can be found here. In the last three months, insiders sold 225,742 shares of company stock valued at $56,033,731. Corporate insiders own 28.09% of the company’s stock.
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Arista Networks Profile
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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