PNC Financial Services Group Inc. Purchases 10,318 Shares of Arista Networks, Inc. $ANET

PNC Financial Services Group Inc. increased its position in Arista Networks, Inc. (NYSE:ANET) by 3.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 301,391 shares of the technology company’s stock after purchasing an additional 10,318 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Arista Networks were worth $43,916,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC increased its holdings 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 during the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of Arista Networks during the 3rd quarter valued at $8,263,000. National Wealth Management Group LLC bought a new stake in shares of Arista Networks during the 3rd quarter valued at $1,296,000. Vanguard Group Inc. increased its stake in shares of Arista Networks by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after purchasing an additional 1,136,167 shares in the last quarter. Finally, Holocene Advisors LP bought a new position in Arista Networks in the 2nd quarter worth $247,451,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on ANET shares. Piper Sandler restated an “overweight” rating and issued a $175.00 price target (up previously from $159.00) on shares of Arista Networks in a research report on Friday. The Goldman Sachs Group reiterated a “buy” rating and set a $188.00 target price (up previously from $165.00) on shares of Arista Networks in a research report on Friday. KeyCorp reissued an “overweight” rating and set a $178.00 target price (up previously from $170.00) on shares of Arista Networks in a research note on Friday. UBS Group reaffirmed a “buy” rating and set a $177.00 price objective on shares of Arista Networks in a report on Friday. Finally, Needham & Company LLC boosted their target price on shares of Arista Networks from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Friday. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $175.41.

Arista Networks Stock Performance

ANET stock opened at $141.46 on Tuesday. The firm has a fifty day moving average price of $133.30 and a 200 day moving average price of $137.23. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The firm 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.

Arista Networks (NYSE:ANET) last released its quarterly 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 company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the firm earned $0.66 earnings per share. Arista Networks’s revenue was up 28.9% on a year-over-year basis. On average, equities analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Buying and Selling at Arista Networks

In other news, insider Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total value of $3,694,800.00. Following the completion of the transaction, the insider owned 12,976 shares in the company, valued at approximately $1,598,124.16. The trade was a 69.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total value of $2,994,431.10. Following the sale, the chief executive officer owned 9,917 shares in the company, valued at $1,235,162.35. The trade was a 70.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 160,464 shares of company stock worth $20,351,388 in the last 90 days. 3.54% of the stock is currently owned by insiders.

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.