Arista Networks, Inc. $ANET Stock Position Reduced by Independent Advisor Alliance

Independent Advisor Alliance trimmed its position in Arista Networks, Inc. (NYSE:ANET) by 7.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 103,542 shares of the technology company’s stock after selling 8,201 shares during the quarter. Independent Advisor Alliance’s holdings in Arista Networks were worth $15,087,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ANET. Global Trust Asset Management LLC boosted its stake in Arista Networks by 33.0% during the third quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock valued at $2,808,000 after buying an additional 4,780 shares in the last quarter. SteelPeak Wealth LLC raised its position in Arista Networks by 23.8% in the second quarter. SteelPeak Wealth LLC now owns 40,404 shares of the technology company’s stock worth $4,134,000 after acquiring an additional 7,779 shares in the last quarter. Rakuten Investment Management Inc. acquired 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 shares of Arista Networks during the 3rd quarter valued at about $1,296,000. Finally, Penobscot Investment Management Company Inc. grew its stake in shares of Arista Networks by 7.8% in the 2nd quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock worth $3,998,000 after purchasing an additional 2,815 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Morgan Stanley cut their target price on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Erste Group Bank cut Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Zacks Research lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Finally, Barclays reiterated an “overweight” rating and issued a $183.00 price target (up previously from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $164.44.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total value of $1,070,320.00. Following the completion of the sale, the director owned 17,784 shares in the company, valued at $2,379,321.36. This represents a 31.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction on 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 sale, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. This trade represents a 70.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 216,464 shares of company stock valued at $27,687,068 over the last ninety days. 3.39% of the stock is owned by company insiders.

Arista Networks Stock Down 4.3%

ANET opened at $141.79 on Friday. The firm has a market capitalization of $178.55 billion, a P/E ratio of 53.91, a PEG ratio of 2.50 and a beta of 1.41. The stock has a fifty day moving average of $130.99 and a 200-day moving average of $135.28. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94.

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

Arista Networks Company Profile

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.