Townsquare Capital LLC Sells 58,790 Shares of Arista Networks, Inc. $ANET

Townsquare Capital LLC lowered its stake in Arista Networks, Inc. (NYSE:ANET) by 90.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,961 shares of the technology company’s stock after selling 58,790 shares during the quarter. Townsquare Capital LLC’s holdings in Arista Networks were worth $869,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Global Trust Asset Management LLC increased its stake in Arista Networks by 33.0% in the third quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock worth $2,808,000 after purchasing an additional 4,780 shares during the period. SteelPeak Wealth LLC increased its stake in Arista Networks by 23.8% in the 2nd quarter. SteelPeak Wealth LLC now owns 40,404 shares of the technology company’s stock worth $4,134,000 after buying an additional 7,779 shares during the period. Rakuten Investment Management Inc. purchased a new stake in Arista Networks in the 3rd quarter valued at about $8,263,000. National Wealth Management Group LLC bought a new position in Arista Networks in the 3rd quarter worth about $1,296,000. Finally, Penobscot Investment Management Company Inc. increased its position in shares of Arista Networks by 7.8% during the second quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock worth $3,998,000 after acquiring an additional 2,815 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction dated Tuesday, November 25th. The shares were 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 owned 9,917 shares of the company’s stock, valued at $1,235,162.35. This trade represents a 70.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Kenneth Duda sold 30,000 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $128.61, for a total transaction of $3,858,300.00. Following the transaction, the insider directly owned 12,976 shares of the company’s stock, 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 have sold a total of 216,464 shares of company stock worth $27,687,068 in the last quarter. Company insiders own 3.39% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET opened at $141.79 on Friday. The stock has a 50-day moving average of $130.99 and a two-hundred day moving average of $135.08. The stock has a market cap of $178.55 billion, a P/E ratio of 53.91, a P/E/G ratio of 2.50 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 announced its quarterly earnings results 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 the consensus estimate of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.Arista Networks’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.40 earnings per share. Analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Analyst Ratings Changes

ANET has been the subject of a number of research analyst reports. Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $145.00 to $159.00 in a report on Monday, January 5th. UBS Group reaffirmed a “buy” rating and issued a $155.00 price objective on shares of Arista Networks in a research note on Wednesday, December 3rd. Rosenblatt Securities reissued a “neutral” rating and set a $140.00 target price on shares of Arista Networks in a research report on Monday, November 24th. Barclays reissued an “overweight” rating and issued a $183.00 price objective (up previously from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Finally, Erste Group Bank downgraded Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Arista Networks 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.