Rhumbline Advisers Sells 31,776 Shares of Arista Networks, Inc. $ANET

Rhumbline Advisers reduced its position in Arista Networks, Inc. (NYSE:ANET) by 1.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,852,492 shares of the technology company’s stock after selling 31,776 shares during the period. Rhumbline Advisers owned 0.15% of Arista Networks worth $269,926,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Arista Networks by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after acquiring an additional 1,136,167 shares in the last quarter. Cresset Asset Management LLC boosted its stake in shares of 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 acquiring an additional 263,272 shares during the period. Geode Capital Management LLC boosted its holdings in Arista Networks by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after purchasing an additional 128,977 shares during the period. Norges Bank bought a new stake in shares of Arista Networks during the 2nd quarter worth $1,228,177,000. Finally, Schroder Investment Management Group grew its position in Arista Networks by 14.8% during 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 acquiring an additional 1,350,593 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Barclays reaffirmed an “overweight” rating and issued a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $145.00 to $159.00 in a research report on Monday, January 5th. Morgan Stanley cut their price objective on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Erste Group Bank cut Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. Finally, UBS Group reaffirmed a “buy” rating and issued a $155.00 target price on shares of Arista Networks in a research report on Wednesday, December 3rd. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $166.00.

Arista Networks Stock Up 1.4%

Shares of ANET stock opened at $143.71 on Wednesday. The business has a 50-day simple moving average of $132.39 and a 200-day simple moving average of $136.68. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The stock has a market cap of $180.97 billion, a PE ratio of 54.64, a price-to-earnings-growth ratio of 2.39 and a beta of 1.42.

Insider Activity at Arista Networks

In other news, insider Kenneth Duda sold 26,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $128.43, for a total value of $3,339,180.00. Following the sale, the insider directly owned 522,400 shares of the company’s stock, valued at approximately $67,091,832. The trade was a 4.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 24,042 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the sale, the chief executive officer directly owned 9,917 shares in the company, valued at approximately $1,235,162.35. The trade was a 70.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 216,464 shares of company stock worth $27,553,548 over the last three months. Company insiders own 3.54% of the company’s stock.

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.