Skandinaviska Enskilda Banken AB publ Reduces Stock Position in Arista Networks, Inc. $ANET

Skandinaviska Enskilda Banken AB publ trimmed its holdings in Arista Networks, Inc. (NYSE:ANET) by 24.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 364,507 shares of the technology company’s stock after selling 116,549 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Arista Networks were worth $53,123,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Glenview Trust Co increased its stake in shares of Arista Networks by 2.8% in the third quarter. Glenview Trust Co now owns 3,600 shares of the technology company’s stock worth $525,000 after buying an additional 98 shares during the last quarter. SMART Wealth LLC acquired a new position in Arista Networks during the 3rd quarter worth $479,000. Summitry LLC bought a new stake in shares of Arista Networks in the 3rd quarter worth about $354,000. M&G PLC increased its position in shares of Arista Networks by 365.3% in the 3rd quarter. M&G PLC now owns 104,791 shares of the technology company’s stock worth $15,299,000 after purchasing an additional 82,272 shares during the last quarter. Finally, Zions Bancorporation National Association UT raised its stake in shares of Arista Networks by 91.9% in the 3rd quarter. Zions Bancorporation National Association UT now owns 3,357 shares of the technology company’s stock valued at $489,000 after purchasing an additional 1,608 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analysts Set New Price Targets

ANET has been the subject of a number of research reports. KeyCorp reiterated an “overweight” rating and issued a $178.00 price target (up from $170.00) on shares of Arista Networks in a research note on Friday. Morgan Stanley reaffirmed an “overweight” rating and set a $165.00 target price on shares of Arista Networks in a report on Friday. Needham & Company LLC lifted their target price on Arista Networks from $165.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Finally, Evercore ISI reissued an “outperform” rating and set a $200.00 price target on shares of Arista Networks in a research report on Friday. Eighteen investment 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 stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.41.

Arista Networks Stock Up 4.7%

ANET stock opened at $141.46 on Tuesday. The stock has a market cap of $178.13 billion, a PE ratio of 51.25, a price-to-earnings-growth ratio of 2.39 and a beta of 1.42. The firm’s 50-day simple moving average is $133.30 and its 200 day simple moving average is $137.23. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The firm had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period in the previous year, the business posted $0.66 EPS. Arista Networks’s revenue was up 28.9% on a year-over-year basis. Equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the sale, the director owned 9,784 shares of the company’s stock, valued at $1,373,967.12. The trade was a 44.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total value 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 position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 160,464 shares of company stock valued at $20,351,388. Corporate insiders own 3.54% of the company’s stock.

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.