Arista Networks, Inc. $ANET Shares Bought by Flputnam Investment Management Co.

Flputnam Investment Management Co. raised its position in Arista Networks, Inc. (NYSE:ANET) by 110.4% in the third quarter, Holdings Channel reports. The institutional investor owned 124,533 shares of the technology company’s stock after purchasing an additional 65,349 shares during the period. Flputnam Investment Management Co.’s holdings in Arista Networks were worth $18,146,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of ANET. Bare Financial Services Inc lifted its holdings in Arista Networks by 2,118.2% during the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after purchasing an additional 233 shares in the last quarter. AdvisorNet Financial Inc increased its stake in shares of Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after acquiring an additional 72 shares during the last quarter. Saudi Central Bank acquired a new stake in Arista Networks during the first quarter worth about $33,000. REAP Financial Group LLC raised its position in shares of Arista Networks by 108.0% during the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after buying an additional 175 shares during the period. Finally, eCIO Inc. purchased a new stake in Arista Networks in the first quarter valued at $36,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction 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 approximately $1,235,162.35. The trade was a 70.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $142.75, for a total transaction of $4,282,500.00. Following the sale, the insider owned 12,976 shares in the company, valued at $1,852,324. The trade was a 69.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 216,464 shares of company stock valued at $28,598,588 in the last three months. 3.39% of the stock is owned by corporate insiders.

Arista Networks Stock Up 5.4%

Arista Networks stock opened at $131.29 on Friday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The firm has a market cap of $165.33 billion, a PE ratio of 49.92, a price-to-earnings-growth ratio of 2.51 and a beta of 1.41. The company’s 50 day moving average is $136.26 and its two-hundred day moving average is $127.94.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Melius Research upped their target price on shares of Arista Networks from $160.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Morgan Stanley decreased their price objective on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a report on Wednesday. Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Piper Sandler restated a “neutral” rating and set a $145.00 price target (up from $143.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Finally, JPMorgan Chase & Co. raised their price target on Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Seventeen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average price target of $163.56.

About Arista Networks

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.