Hudson Bay Capital Management LP Increases Stock Holdings in Arista Networks, Inc. $ANET

Hudson Bay Capital Management LP raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 1,289.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 708,873 shares of the technology company’s stock after purchasing an additional 657,844 shares during the period. Arista Networks accounts for 0.2% of Hudson Bay Capital Management LP’s investment portfolio, making the stock its 26th largest holding. Hudson Bay Capital Management LP’s holdings in Arista Networks were worth $72,525,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Brighton Jones LLC grew its holdings in Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after buying an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in Arista Networks during the fourth quarter worth approximately $202,000. Bison Wealth LLC purchased a new stake in Arista Networks during the 4th quarter valued at $251,000. Vestmark Advisory Solutions Inc. lifted its holdings in shares of Arista Networks by 85.2% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 74,316 shares of the technology company’s stock worth $5,758,000 after acquiring an additional 34,185 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in shares of Arista Networks during the first quarter valued at approximately $909,000. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total value of $2,994,431.10. Following the completion of the transaction, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. The trade was a 70.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 58,000 shares of the business’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $148.42, for a total transaction of $8,608,360.00. The disclosure for this sale is available in the SEC filing. Insiders sold 274,464 shares of company stock worth $38,250,488 in the last three months. 3.39% of the stock is owned by company insiders.

Arista Networks Stock Performance

ANET stock opened at $124.83 on Friday. The firm’s 50 day moving average price is $138.96 and its 200-day moving average price is $126.44. The firm has a market cap of $157.20 billion, a PE ratio of 47.46, a PEG ratio of 2.57 and a beta of 1.41. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the prior year, the business posted $2.40 EPS. The company’s revenue was up 27.5% compared to the same quarter last year. Equities research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Zacks Research lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Piper Sandler reissued a “neutral” rating and issued a $145.00 price objective (up from $143.00) on shares of Arista Networks in a report on Wednesday, November 5th. Needham & Company LLC upped their price target on shares of Arista Networks from $155.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Barclays reiterated an “overweight” rating and set a $183.00 price target (up from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Finally, William Blair reissued an “outperform” rating on shares of Arista Networks in a report on Friday, September 12th. Eighteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $164.31.

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.