Malaga Cove Capital LLC grew its position in shares of Arista Networks Inc (NYSE:ANET) by 2.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,530 shares of the technology company’s stock after purchasing an additional 70 shares during the quarter. Malaga Cove Capital LLC’s holdings in Arista Networks were worth $796,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in ANET. CENTRAL TRUST Co raised its position in shares of Arista Networks by 53.3% during the fourth quarter. CENTRAL TRUST Co now owns 141 shares of the technology company’s stock worth $29,000 after acquiring an additional 49 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in Arista Networks by 0.6% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 10,580 shares of the technology company’s stock worth $2,229,000 after purchasing an additional 64 shares in the last quarter. First United Bank Trust increased its holdings in Arista Networks by 1.4% in the fourth quarter. First United Bank Trust now owns 5,156 shares of the technology company’s stock worth $1,086,000 after purchasing an additional 71 shares in the last quarter. Wealthcare Advisory Partners LLC increased its holdings in Arista Networks by 37.5% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 352 shares of the technology company’s stock worth $74,000 after purchasing an additional 96 shares in the last quarter. Finally, Securian Asset Management Inc increased its holdings in Arista Networks by 1.9% in the fourth quarter. Securian Asset Management Inc now owns 5,400 shares of the technology company’s stock worth $1,138,000 after purchasing an additional 100 shares in the last quarter. 56.33% of the stock is currently owned by hedge funds and other institutional investors.
ANET stock traded down $0.33 during midday trading on Thursday, hitting $321.92. The company’s stock had a trading volume of 299,498 shares, compared to its average volume of 838,937. The company has a current ratio of 4.48, a quick ratio of 4.04 and a debt-to-equity ratio of 0.02. Arista Networks Inc has a 1 year low of $187.08 and a 1 year high of $325.00. The stock has a market cap of $24.40 billion, a P/E ratio of 45.53, a P/E/G ratio of 1.91 and a beta of 1.51.
In related news, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction on Friday, February 1st. The stock was sold at an average price of $218.11, for a total transaction of $436,220.00. Following the sale, the senior vice president now directly owns 15,367 shares in the company, valued at approximately $3,351,696.37. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jayshree Ullal sold 16,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $318.09, for a total value of $5,089,440.00. Following the sale, the insider now owns 10,425 shares in the company, valued at $3,316,088.25. The disclosure for this sale can be found here. Insiders have sold a total of 207,353 shares of company stock worth $59,930,470 in the last ninety days. Insiders own 24.95% of the company’s stock.
ANET has been the subject of a number of research analyst reports. Nomura upgraded Arista Networks from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a report on Friday, January 18th. Morgan Stanley lifted their target price on Arista Networks from $265.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, March 7th. ValuEngine upgraded Arista Networks from a “hold” rating to a “buy” rating in a report on Thursday, March 21st. Goldman Sachs Group reiterated a “buy” rating and issued a $360.00 target price (up from $300.00) on shares of Arista Networks in a report on Thursday, March 21st. Finally, Rosenblatt Securities initiated coverage on Arista Networks in a report on Friday, March 29th. They issued a “neutral” rating and a $330.00 target price for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $299.61.
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Arista Networks Profile
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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