Arista Networks, Inc. $ANET Shares Sold by Twin Capital Management Inc.

Twin Capital Management Inc. lessened its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 40.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,513 shares of the technology company’s stock after selling 17,621 shares during the period. Twin Capital Management Inc.’s holdings in Arista Networks were worth $3,717,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Global Trust Asset Management LLC boosted its stake in Arista Networks by 33.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock worth $2,808,000 after purchasing an additional 4,780 shares during the last quarter. Rakuten Investment Management Inc. purchased a new position in shares of Arista Networks in the third quarter worth about $8,263,000. National Wealth Management Group LLC purchased a new position in shares of Arista Networks in the third quarter worth about $1,296,000. Vanguard Group Inc. boosted its position in Arista Networks by 1.2% during the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after acquiring an additional 1,136,167 shares during the last quarter. Finally, Holocene Advisors LP purchased a new stake in Arista Networks during the 2nd quarter valued at about $247,451,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Up 6.9%

NYSE:ANET opened at $137.50 on Friday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The stock’s fifty day moving average is $131.78 and its two-hundred day moving average is $135.93. The company has a market capitalization of $173.15 billion, a P/E ratio of 52.28, a P/E/G ratio of 2.17 and a beta of 1.42.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The company’s revenue was up 27.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.40 EPS. Sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, insider Kenneth Duda sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total value of $3,694,800.00. Following the sale, the insider directly owned 12,976 shares of the company’s stock, valued at approximately $1,598,124.16. The trade was a 69.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred 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 transaction, the director directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 216,464 shares of company stock valued at $27,553,548 over the last 90 days. 3.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ANET shares. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. Barclays restated an “overweight” rating and issued a $183.00 price target (up from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Morgan Stanley reduced their price objective on Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. Erste Group Bank lowered Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $164.44.

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.