Zweig DiMenna Associates LLC Makes New $11.42 Million Investment in Arista Networks, Inc. (NYSE:ANET)

Zweig DiMenna Associates LLC acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 29,761 shares of the technology company’s stock, valued at approximately $11,423,000.

Other large investors also recently modified their holdings of the company. Beacon Capital Management LLC grew its position in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares during the last quarter. LGT Financial Advisors LLC purchased a new position in Arista Networks in the 2nd quarter worth $27,000. Byrne Asset Management LLC purchased a new position in Arista Networks in the 2nd quarter worth $33,000. Sugarloaf Wealth Management LLC bought a new stake in Arista Networks in the second quarter worth $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Arista Networks during the second quarter valued at about $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In other news, Director Kelly Bodnar Battles sold 373 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $396.48, for a total value of $147,887.04. Following the transaction, the director now owns 2,192 shares in the company, valued at approximately $869,084.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 373 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total transaction of $147,887.04. Following the completion of the transaction, the director now owns 2,192 shares in the company, valued at $869,084.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,570 shares of company stock valued at $21,474,782. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $395.57 on Friday. The firm has a market capitalization of $123.96 billion, a P/E ratio of 55.09, a P/E/G ratio of 3.21 and a beta of 1.07. The stock has a 50 day moving average price of $370.52 and a 200-day moving average price of $333.77. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $422.73.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the company posted $1.41 EPS. Arista Networks’s revenue was up 15.9% on a year-over-year basis. On average, equities analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ANET shares. Evercore ISI lifted their price objective on Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. KeyCorp boosted their price objective on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Piper Sandler raised their target price on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Morgan Stanley upped their price target on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Finally, Citigroup increased 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. 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 company’s stock. Based on data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $369.50.

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.