Voleon Capital Management LP Invests $3.07 Million in Arista Networks, Inc. (NYSE:ANET)

Voleon Capital Management LP acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 27,799 shares of the technology company’s stock, valued at approximately $3,073,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Caitlin John LLC increased its holdings in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC grew its position in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after buying an additional 191 shares in the last quarter. New Millennium Group LLC increased its stake in Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 195 shares during the last quarter. Cranbrook Wealth Management LLC raised its holdings in shares of Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares in the last quarter. Finally, Trust Co. of Vermont boosted its position in shares of Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the sale, the director now owns 7,480 shares of the company’s stock, valued at approximately $512,305.20. The trade was a 16.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $112.02, for a total transaction of $896,160.00. Following the completion of the transaction, the director now directly owns 155,784 shares of the company’s stock, valued at approximately $17,450,923.68. The trade was a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 412,355 shares of company stock worth $39,446,799 in the last 90 days. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 3.1 %

Shares of NYSE ANET opened at $80.74 on Wednesday. The firm’s fifty day moving average is $79.60 and its 200 day moving average is $98.01. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The company has a market cap of $101.38 billion, a price-to-earnings ratio of 36.37, a PEG ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Wall Street Analyst Weigh In

ANET has been the topic of several research analyst reports. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Needham & Company LLC restated a “buy” rating and set a $145.00 price objective on shares of Arista Networks in a research report on Wednesday, February 19th. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler reduced their target price on Arista Networks from $108.00 to $76.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $106.43.

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.