Old North State Trust LLC Purchases New Stake in Arista Networks, Inc. $ANET

Old North State Trust LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 10,743 shares of the technology company’s stock, valued at approximately $1,565,000. Arista Networks accounts for about 1.0% of Old North State Trust LLC’s portfolio, making the stock its 26th largest holding.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Arista Networks by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 100,000,830 shares of the technology company’s stock worth $14,571,121,000 after purchasing an additional 1,007,730 shares during the last quarter. State Street Corp lifted its position in shares of Arista Networks by 0.5% during the third quarter. State Street Corp now owns 46,342,551 shares of the technology company’s stock worth $6,752,573,000 after purchasing an additional 245,976 shares in the last quarter. Cresset Asset Management LLC lifted its holdings in Arista Networks by 1.0% during the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock worth $2,698,362,000 after buying an additional 263,272 shares in the last quarter. Norges Bank acquired a new stake in shares of Arista Networks in the second quarter valued at $1,228,177,000. Finally, Schroder Investment Management Group raised its position in 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 valued at $1,073,654,000 after purchasing an additional 1,350,593 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the subject of a number of analyst reports. Evercore reissued an “outperform” rating and set a $200.00 price objective on shares of Arista Networks in a research report on Friday, February 13th. UBS Group set a $200.00 price target on shares of Arista Networks in a research note on Tuesday, February 24th. Piper Sandler reiterated an “overweight” rating and set a $175.00 price target (up from $159.00) on shares of Arista Networks in a report on Friday, February 13th. The Goldman Sachs Group reissued a “buy” rating and issued a $188.00 price objective (up from $165.00) on shares of Arista Networks in a research report on Friday, February 13th. Finally, Barclays reissued an “overweight” rating and issued a $184.00 target price (up from $183.00) on shares of Arista Networks in a report on Friday, February 13th. Eighteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average price target of $176.47.

Arista Networks Stock Down 1.7%

Shares of ANET opened at $133.02 on Wednesday. The company has a market capitalization of $167.14 billion, a price-to-earnings ratio of 48.19, a price-to-earnings-growth ratio of 2.40 and a beta of 1.46. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The stock has a 50 day moving average price of $134.83 and a 200 day moving average price of $137.32.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. The company had revenue of $2.49 billion for the quarter, compared to analysts’ expectations 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 company earned $0.66 earnings per share. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 422 shares of Arista Networks stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $128.06, for a total transaction of $54,041.32. Following the sale, the director directly owned 9,529 shares in the company, valued at $1,220,283.74. This trade represents a 4.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the completion of the sale, the director directly owned 9,784 shares of the company’s stock, valued at approximately $1,373,967.12. This trade represents a 44.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 140,237 shares of company stock valued at $18,968,800. Corporate insiders own 3.54% 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.