Arista Networks, Inc. $ANET Stock Position Lowered by Renaissance Technologies LLC

Renaissance Technologies LLC decreased its position in Arista Networks, Inc. (NYSE:ANET) by 91.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 66,740 shares of the technology company’s stock after selling 708,100 shares during the period. Renaissance Technologies LLC’s holdings in Arista Networks were worth $8,194,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Main Street Group LTD acquired a new stake in Arista Networks during the 1st quarter valued at $26,000. Sankala Group LLC acquired a new stake in shares of Arista Networks in the fourth quarter worth $27,000. Prosperity Bancshares Inc acquired a new stake in shares of Arista Networks in the fourth quarter worth $28,000. Ameliora Wealth Management Ltd. purchased a new position in shares of Arista Networks during the fourth quarter valued at $30,000. Finally, Hilton Head Capital Partners LLC grew its holdings in shares of Arista Networks by 184.9% during the first quarter. Hilton Head Capital Partners LLC now owns 245 shares of the technology company’s stock valued at $30,000 after buying an additional 159 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on ANET. Truist Financial set a $175.00 price objective on Arista Networks in a research note on Wednesday, May 6th. Raymond James Financial raised Arista Networks from a “market perform” rating to an “outperform” rating and set a $164.00 target price on the stock in a research note on Friday, May 15th. Weiss Ratings downgraded Arista Networks from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, July 29th. Morgan Stanley reissued an “overweight” rating and issued a $190.00 price target (up from $180.00) on shares of Arista Networks in a research report on Friday, June 12th. Finally, Wolfe Research restated an “outperform” rating and set a $175.00 price target on shares of Arista Networks in a report on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Buy” and an average target price of $189.74.

Arista Networks Trading Up 2.8%

ANET opened at $185.33 on Tuesday. The stock has a market cap of $233.36 billion, a price-to-earnings ratio of 63.47, a PEG ratio of 2.77 and a beta of 1.60. Arista Networks, Inc. has a 1 year low of $114.52 and a 1 year high of $189.82. The stock has a fifty day moving average price of $168.02 and a 200 day moving average price of $150.69.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 5th. The technology company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.06. Arista Networks had a return on equity of 30.10% and a net margin of 38.32%.The company had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period in the prior year, the firm posted $0.65 EPS. The business’s revenue was up 35.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 3.28 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $167.06, for a total transaction of $1,336,480.00. Following the transaction, the director owned 192,333 shares of the company’s stock, valued at approximately $32,131,150.98. This trade represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jayshree Ullal sold 234,578 shares of Arista Networks stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $187.18, for a total transaction of $43,908,310.04. Following the completion of the sale, the chief executive officer owned 5,134,207 shares of the company’s stock, valued at $961,020,866.26. This trade represents a 4.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 2,300,316 shares of company stock valued at $382,160,575 in the last quarter. Corporate insiders own 2.70% 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.