Telligent Fund LP Makes New $3.54 Million Investment in Arista Networks, Inc. (NYSE:ANET)

Telligent Fund LP purchased a new position in Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, Holdings Channel reports. The fund purchased 32,000 shares of the technology company’s stock, valued at approximately $3,537,000. Arista Networks accounts for 3.4% of Telligent Fund LP’s holdings, making the stock its 9th largest holding.

A number of other large investors have also bought and sold shares of the stock. State Street Corp increased its stake in Arista Networks by 3.8% in the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after purchasing an additional 411,109 shares during the period. Swedbank AB increased its stake in shares of Arista Networks by 293.2% during the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock valued at $746,165,000 after buying an additional 5,034,022 shares during the period. Geode Capital Management LLC increased its stake in shares of Arista Networks by 4.2% during the third quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock valued at $2,246,705,000 after buying an additional 236,151 shares during the period. Jennison Associates LLC increased its stake in shares of Arista Networks by 307.7% during the fourth quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock valued at $512,056,000 after buying an additional 3,496,497 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Arista Networks by 22.7% during the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after buying an additional 492,615 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ANET shares. UBS Group boosted their target price on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Wells Fargo & Company lifted their price target on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price target on Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, Piper Sandler restated a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $105.83.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $115.11 on Friday. The company has a market cap of $145.01 billion, a P/E ratio of 55.34, a PEG ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a 1 year low of $60.08 and a 1 year high of $133.57. The stock’s fifty day moving average price is $112.58 and its 200-day moving average price is $99.48.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 1.97 earnings per share for the current year.

Insider Activity

In related news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,405,171.04. This represents a 86.04 % 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, insider John F. Mccool sold 6,340 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $98.58, for a total value of $625,013.05. Following the sale, the insider now owns 288 shares of the company’s stock, valued at approximately $28,391.76. This trade represents a 95.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 255,832 shares of company stock valued at $28,538,497 over the last ninety days. 3.54% of the stock is currently 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.