Alliancebernstein L.P. Has $2.33 Billion Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Alliancebernstein L.P. boosted its stake in Arista Networks, Inc. (NYSE:ANET) by 218.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 21,070,016 shares of the technology company’s stock after buying an additional 14,454,822 shares during the period. Arista Networks makes up 0.8% of Alliancebernstein L.P.’s portfolio, making the stock its 16th largest holding. Alliancebernstein L.P.’s holdings in Arista Networks were worth $2,328,869,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. C M Bidwell & Associates Ltd. increased its stake in shares of Arista Networks by 287.9% during the fourth quarter. C M Bidwell & Associates Ltd. now owns 5,919 shares of the technology company’s stock worth $654,000 after purchasing an additional 4,393 shares during the period. Meeder Asset Management Inc. grew its holdings in Arista Networks by 142.6% in the 4th quarter. Meeder Asset Management Inc. now owns 444 shares of the technology company’s stock valued at $49,000 after buying an additional 261 shares in the last quarter. Pier 88 Investment Partners LLC increased its position in Arista Networks by 94.5% during the 4th quarter. Pier 88 Investment Partners LLC now owns 7,840 shares of the technology company’s stock worth $867,000 after buying an additional 3,810 shares during the period. AIA Group Ltd lifted its holdings in shares of Arista Networks by 118.8% during the fourth quarter. AIA Group Ltd now owns 37,814 shares of the technology company’s stock worth $4,180,000 after buying an additional 20,528 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Arista Networks by 313.9% in the fourth quarter. Wellington Management Group LLP now owns 11,013,511 shares of the technology company’s stock valued at $1,217,323,000 after acquiring an additional 8,352,816 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the transaction, the director now owns 155,784 shares in the company, valued at $17,450,923.68. The trade was a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $118.47, for a total value of $9,477,600.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock valued at $49,112,111 over the last quarter. 3.54% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and raised their price target for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Erste Group Bank cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $77.91 on Monday. The company’s 50 day moving average price is $99.16 and its two-hundred day moving average price is $101.91. The firm has a market capitalization of $98.25 billion, a P/E ratio of 35.09, a P/E/G ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58.

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

Arista Networks Company Profile

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.