Geneva Partners LLC Invests $4.09 Million in Arista Networks, Inc. (NYSE:ANET)

Geneva Partners LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 17,379 shares of the technology company’s stock, valued at approximately $4,093,000. Arista Networks comprises approximately 2.3% of Geneva Partners LLC’s portfolio, making the stock its 16th biggest holding.

A number of other hedge funds also recently made changes to their positions in ANET. Rakuten Securities Inc. bought a new stake in Arista Networks in the fourth quarter worth approximately $35,000. Atticus Wealth Management LLC increased its holdings in Arista Networks by 3,625.0% in the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock worth $35,000 after purchasing an additional 145 shares in the last quarter. Larson Financial Group LLC bought a new stake in Arista Networks in the third quarter worth approximately $28,000. Sandy Spring Bank increased its holdings in Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after purchasing an additional 39 shares in the last quarter. Finally, First Command Advisory Services Inc. bought a new stake in Arista Networks in the third quarter worth approximately $29,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Down 4.4 %

Shares of ANET stock traded down $11.20 during trading hours on Friday, reaching $245.99. The company’s stock had a trading volume of 2,956,759 shares, compared to its average volume of 2,457,388. The stock has a market capitalization of $76.90 billion, a P/E ratio of 37.44, a P/E/G ratio of 2.21 and a beta of 1.09. Arista Networks, Inc. has a one year low of $131.68 and a one year high of $307.74. The firm’s fifty day simple moving average is $280.29 and its 200 day simple moving average is $244.55.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The business’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period last year, the company earned $1.25 EPS. As a group, equities research analysts forecast that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 22,000 shares of Arista Networks stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $303.00, for a total transaction of $6,666,000.00. Following the completion of the transaction, the chief executive officer now owns 1,665,300 shares in the company, valued at $504,585,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Jayshree Ullal sold 22,000 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $303.00, for a total value of $6,666,000.00. Following the completion of the transaction, the chief executive officer now owns 1,665,300 shares in the company, valued at $504,585,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $940,922.20. The disclosure for this sale can be found here. Insiders sold a total of 342,229 shares of company stock worth $97,968,530 in the last quarter. 18.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Oppenheimer reiterated a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. Morgan Stanley boosted their price objective on Arista Networks from $230.00 to $272.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Piper Sandler boosted their price objective on Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a report on Tuesday, February 13th. JPMorgan Chase & Co. boosted their price objective on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Finally, Wells Fargo & Company boosted their price objective on Arista Networks from $225.00 to $310.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $275.59.

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.