Strategic Advisors LLC Reduces Holdings in Arista Networks, Inc. $ANET

Strategic Advisors LLC lowered its position in Arista Networks, Inc. (NYSE:ANET) by 31.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,817 shares of the technology company’s stock after selling 7,384 shares during the quarter. Strategic Advisors LLC’s holdings in Arista Networks were worth $2,305,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ANET. Vanguard Group Inc. increased its stake in Arista Networks by 1.2% in the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after purchasing an additional 1,136,167 shares during the period. Cresset Asset Management LLC boosted its position in Arista Networks by 1.0% in the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock valued at $2,698,362,000 after buying an additional 263,272 shares during the period. Geode Capital Management LLC raised its stake in shares of Arista Networks by 0.5% during the second quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after acquiring an additional 128,977 shares in the last quarter. Norges Bank purchased a new stake in shares of Arista Networks in the second quarter valued at approximately $1,228,177,000. Finally, Schroder Investment Management Group lifted its holdings in shares of Arista Networks by 14.8% in the 2nd quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock worth $1,073,654,000 after buying an additional 1,350,593 shares during the period. Institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ANET shares. Barclays reaffirmed an “overweight” rating and issued a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Zacks Research downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $145.00 to $159.00 in a report on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Finally, Morgan Stanley cut their price target on Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a report on Wednesday, December 17th. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $164.44.

Arista Networks Stock Up 2.5%

ANET stock opened at $150.31 on Thursday. The stock has a market capitalization of $189.28 billion, a PE ratio of 57.15, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The firm has a 50 day moving average of $129.93 and a 200 day moving average of $134.76.

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

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $133.79, for a total transaction of $1,070,320.00. Following the sale, the director directly owned 17,784 shares of the company’s stock, valued at approximately $2,379,321.36. This trade represents a 31.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $128.61, for a total value of $3,858,300.00. Following the completion of the sale, the insider owned 12,976 shares in the company, valued at $1,668,843.36. The trade was a 69.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 216,464 shares of company stock worth $27,687,068 over the last three months. Company insiders own 3.54% of the company’s stock.

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.