Pier 88 Investment Partners LLC Takes $1.26 Million Position in Arista Networks, Inc. $ANET

Pier 88 Investment Partners LLC acquired a new position in Arista Networks, Inc. (NYSE:ANET) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 8,610 shares of the technology company’s stock, valued at approximately $1,255,000.

A number of other large investors have also recently bought and sold shares of ANET. AdvisorNet Financial Inc boosted its holdings in shares of Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after acquiring an additional 72 shares during the last quarter. Richardson Financial Services Inc. raised its holdings in shares of Arista Networks by 141.3% during the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after purchasing an additional 130 shares during the last quarter. Bare Financial Services Inc lifted its position in Arista Networks by 2,118.2% during the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after purchasing an additional 233 shares during the period. SJS Investment Consulting Inc. boosted its holdings in Arista Networks by 979.2% in the third quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after purchasing an additional 235 shares during the last quarter. Finally, REAP Financial Group LLC grew its position in Arista Networks by 108.0% during the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock worth $34,000 after purchasing an additional 175 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $143.91 on Tuesday. The firm has a fifty day moving average of $128.95 and a 200 day moving average of $134.38. The firm has a market cap of $181.22 billion, a PE ratio of 54.72, a PEG ratio of 2.29 and a beta of 1.41. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The company’s revenue for the quarter was up 27.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.40 earnings per share. On average, equities analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ANET. Rosenblatt Securities reissued a “neutral” rating and issued a $140.00 price objective on shares of Arista Networks in a report on Monday, November 24th. Zacks Research downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Barclays restated an “overweight” rating and issued a $183.00 price objective (up previously from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Morgan Stanley cut their target price on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. Finally, Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average price target of $164.44.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $133.79, for a total transaction of $1,070,320.00. Following the completion of the transaction, the director owned 17,784 shares of the company’s stock, valued at $2,379,321.36. This represents a 31.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $128.61, for a total value of $3,858,300.00. Following the completion of the sale, the insider directly owned 12,976 shares in the company, valued at $1,668,843.36. This represents a 69.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 216,464 shares of company stock valued at $27,687,068 over the last quarter. 3.54% of the stock is currently owned by insiders.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.