Guggenheim Capital LLC has substantially increased its holdings in Arista Networks, Inc. during the fourth quarter, according to its recent filing with the Securities and Exchange Commission (SEC). The institutional investor raised its position by 250.0%, acquiring an additional 110,056 shares to hold a total of 154,085 shares of the technology company’s stock.
The value of these holdings amounted to $17,031,000 as per the most recent filing. Several other large investors have also recently modified their stakes in Arista Networks. Chiron Investment Management LLC increased its share by 404.7%, ending the fourth quarter with 50,032 shares valued at $5,530,000 after acquiring an additional 40,118 shares.
Aware Super Pty Ltd entered a new position with an investment worth approximately $43,161,000. LaSalle St. Investment Advisors LLC and XTX Topco Ltd also added to their portfolios, with investments of $331,000 and $740,000, respectively.
Strategies Wealth Advisors LLC acquired a new position valued at $309,000. Currently, 82.47% of Arista Networks’ stock is owned by institutional investors and hedge funds. In related news, insider transactions at Arista Networks have also garnered attention.
SVP Marc Taxay sold 80,000 shares on February 6th at an average price of $115.61, totaling $9,248,800. Following this transaction, he now holds 12,976 shares valued at approximately $1,500,155.36. Additionally, Director Charles H.
Giancarlo sold 8,000 shares on April 1st at an average price of $77.55, for a total of $620,400. The director now owns 139,784 shares, valued at approximately $10,840,249.20.
Guggenheim increases Arista Networks stake
Over the past quarter, insiders have sold 411,031 shares of company stock valued at $39,364,943. Trading of Arista Networks stock has seen a slight decline recently. The stock traded down 1.1% to close at $71.11 on Friday, with a trading volume of 8,564,418 shares compared to an average volume of 9,111,934.
The firm’s stock performance includes a 50-day moving average of $84.23 and a 200-day moving average of $99.30. Arista Networks has a 12-month low of $59.43 and a high of $133.58. The company holds a market capitalization of $89.67 billion with a price-to-earnings ratio of 32.03 and a beta of 1.30.
In its latest earnings report on February 18th, Arista Networks revealed a quarterly EPS of $0.59, exceeding analysts’ estimates of $0.57. The firm recorded revenue of $1.93 billion, against the expected $1.90 billion. The company reported a return on equity of 29.91% and a net margin of 40.72%.
Analysts predict that Arista Networks, Inc. will post an EPS of 2.2 for this fiscal year. Analyst ratings for the company vary.
Citigroup adjusted its price target from $121.00 to $92.00 with a “buy” rating. Evercore ISI revised their target price from $130.00 to $100.00 with an “outperform” rating. JPMorgan Chase & Co.
lowered their price target from $140.00 to $110.00, and Piper Sandler dropped their price objective from $108.00 to $76.00, rating the stock as “neutral.” Conversely, UBS Group upgraded Arista Networks to a “buy” rating, raising the target price to $115.00. The stock has an average rating of “Moderate Buy,” with a consensus target price of $106.07 according to MarketBeat.com.
Image Credits: Photo by Firmbee.com on Unsplash
