OVERSEA CHINESE BANKING Corp Ltd Decreases Holdings in Arista Networks, Inc. $ANET

OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Arista Networks, Inc. (NYSE:ANET) by 20.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 66,571 shares of the technology company’s stock after selling 17,075 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Arista Networks were worth $9,695,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake in Arista Networks by 321.7% in the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in Arista Networks during the fourth quarter valued at $202,000. Bison Wealth LLC purchased a new stake in Arista Networks in the fourth quarter worth $251,000. Geneos Wealth Management Inc. raised its stake in shares of Arista Networks by 16.6% in the first quarter. Geneos Wealth Management Inc. now owns 2,098 shares of the technology company’s stock valued at $163,000 after buying an additional 299 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of Arista Networks by 21.8% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 4,089 shares of the technology company’s stock valued at $418,000 after buying an additional 732 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE ANET opened at $124.92 on Thursday. The stock has a market capitalization of $157.30 billion, a P/E ratio of 47.50, a PEG ratio of 2.19 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. The firm’s 50 day simple moving average is $128.96 and its two-hundred day simple moving average is $132.47.

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

Insider Activity

In related news, insider Kenneth Duda sold 30,000 shares of the stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total transaction of $3,694,800.00. Following the completion of the sale, the insider directly owned 12,976 shares in the company, valued at $1,598,124.16. This represents a 69.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $133.79, for a total value of $1,070,320.00. Following the transaction, the director owned 17,784 shares in the company, valued at approximately $2,379,321.36. The trade was a 31.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 216,464 shares of company stock valued at $28,488,988. 3.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Morgan Stanley decreased their price objective on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. Piper Sandler raised Arista Networks from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $145.00 to $159.00 in a report on Monday, January 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. BNP Paribas Exane upgraded shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective on the stock in a research report on Thursday, September 25th. Finally, Zacks Research downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Eighteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $164.44.

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.