Sienna Gestion Raises Stock Position in Arista Networks, Inc. $ANET

Sienna Gestion lifted its holdings in Arista Networks, Inc. (NYSE:ANET) by 111.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 127,489 shares of the technology company’s stock after buying an additional 67,084 shares during the period. Arista Networks makes up about 1.2% of Sienna Gestion’s portfolio, making the stock its 16th biggest holding. Sienna Gestion’s holdings in Arista Networks were worth $16,937,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Arista Networks in the second quarter worth about $1,228,177,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Arista Networks by 2,829.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock valued at $833,630,000 after purchasing an additional 5,525,828 shares during the last quarter. Holocene Advisors LP bought a new stake in shares of Arista Networks in the 2nd quarter valued at approximately $247,451,000. Schroder Investment Management Group boosted 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 purchasing an additional 1,350,593 shares during the period. Finally, Panagora Asset Management Inc. boosted its holdings in shares of Arista Networks by 282.9% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,549,486 shares of the technology company’s stock worth $158,528,000 after purchasing an additional 1,144,786 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.67, for a total value of $1,029,360.00. Following the completion of the transaction, the director directly owned 1,784 shares in the company, valued at approximately $229,547.28. The trade was a 81.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kenneth Duda sold 26,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $142.35, for a total transaction of $3,701,100.00. Following the completion of the transaction, the insider directly owned 512,400 shares in the company, valued at approximately $72,940,140. The trade was a 4.83% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 196,237 shares of company stock worth $25,865,760. 3.54% of the stock is owned by company insiders.

Arista Networks Trading Down 4.5%

NYSE ANET opened at $133.15 on Monday. The company’s 50-day moving average price is $134.45 and its 200-day moving average price is $137.23. The stock has a market cap of $167.31 billion, a PE ratio of 48.24, a PEG ratio of 2.36 and a beta of 1.46. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ANET. Morgan Stanley restated an “overweight” rating and set a $165.00 price target on shares of Arista Networks in a report on Friday, February 13th. Rosenblatt Securities boosted their price objective on shares of Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a research report on Tuesday, February 10th. The Goldman Sachs Group reissued a “buy” rating and issued a $188.00 target price (up from $165.00) on shares of Arista Networks in a research note on Friday, February 13th. Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $175.00 price target (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $176.88.

Arista Networks 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.