Sonoma Allocations LLC Acquires New Holdings in Arista Networks, Inc. $ANET

Sonoma Allocations LLC bought a new position in Arista Networks, Inc. (NYSE:ANET) in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 4,359 shares of the technology company’s stock, valued at approximately $631,000.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Arista Networks in the 2nd quarter worth $1,228,177,000. Nordea Investment Management AB lifted its holdings in Arista Networks by 193.3% in the second quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock valued at $721,342,000 after acquiring an additional 4,656,021 shares during the period. Holocene Advisors LP purchased a new position in Arista Networks in the second quarter worth about $247,451,000. Robeco Institutional Asset Management B.V. grew its stake in shares of Arista Networks by 123.0% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 3,068,064 shares of the technology company’s stock valued at $313,894,000 after purchasing an additional 1,692,467 shares during the period. Finally, Voya Investment Management LLC grew its stake in shares of Arista Networks by 102.1% during the 1st quarter. Voya Investment Management LLC now owns 3,086,504 shares of the technology company’s stock valued at $239,142,000 after purchasing an additional 1,559,453 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total value of $1,070,320.00. Following the sale, the director owned 17,784 shares in the company, valued at $2,379,321.36. The trade was a 31.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kenneth Duda sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total value of $3,694,800.00. Following the transaction, the insider owned 12,976 shares of the company’s stock, valued at approximately $1,598,124.16. The trade was a 69.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 216,464 shares of company stock valued at $28,488,988. 3.39% of the stock is currently owned by corporate insiders.

Arista Networks Stock Down 0.5%

Shares of Arista Networks stock opened at $123.05 on Friday. The company has a market capitalization of $154.95 billion, a price-to-earnings ratio of 46.79, a PEG ratio of 2.08 and a beta of 1.41. The stock’s 50-day simple moving average is $130.43 and its 200-day simple moving average is $131.65. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter last year, the company earned $2.40 EPS. The firm’s quarterly revenue was up 27.5% on a year-over-year basis. On average, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of research reports. Needham & Company LLC raised their price objective on shares of Arista Networks from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, September 16th. UBS Group reissued a “buy” rating and set a $155.00 price objective on shares of Arista Networks in a research report on Wednesday, December 3rd. Piper Sandler raised Arista Networks from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $145.00 to $159.00 in a report on Monday, January 5th. Citigroup lifted their target price on Arista Networks from $136.00 to $176.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, The Goldman Sachs Group boosted their price target on Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a report on Friday, September 12th. Eighteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $164.44.

Arista Networks Company Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.