Chicago Capital LLC Purchases 331 Shares of Arista Networks, Inc. (NYSE:ANET)

Chicago Capital LLC lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 7.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,590 shares of the technology company’s stock after purchasing an additional 331 shares during the period. Chicago Capital LLC’s holdings in Arista Networks were worth $1,762,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. UniSuper Management Pty Ltd increased its holdings in shares of Arista Networks by 20.3% during the first quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after purchasing an additional 6,133 shares during the period. Central Pacific Bank Trust Division bought a new stake in Arista Networks in the first quarter valued at $1,405,000. M&G Plc acquired a new position in Arista Networks during the 1st quarter worth approximately $3,238,000. Nordea Investment Management AB grew its stake in Arista Networks by 32.5% in the first quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after acquiring an additional 6,578 shares during the period. Finally, Deepwater Asset Management LLC acquired a new position in shares of Arista Networks during the second quarter worth approximately $15,084,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Down 1.3 %

NYSE ANET opened at $402.00 on Friday. The firm has a market cap of $125.97 billion, a price-to-earnings ratio of 55.99, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $422.73. The business has a 50-day moving average price of $367.25 and a 200-day moving average price of $331.59.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the firm posted $1.41 EPS. The firm’s revenue was up 15.9% compared to the same quarter last year. Research analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Analyst Ratings Changes

ANET has been the topic of several recent research reports. Citigroup raised their price target on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Needham & Company LLC reissued a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. Barclays upped their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Piper Sandler upped their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Finally, Wells Fargo & Company increased their target price on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $369.50.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the transaction, the director now owns 2,726 shares in the company, valued at $883,278.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Arista Networks news, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the transaction, the director now directly owns 2,726 shares of the company’s stock, valued at approximately $883,278.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 58,197 shares of company stock valued at $21,326,894 over the last quarter. 3.54% of the stock is owned by corporate insiders.

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.