Swiss National Bank Reduces Stock Position in Arista Networks, Inc. $ANET

Swiss National Bank lessened its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 5.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,077,300 shares of the technology company’s stock after selling 167,600 shares during the period. Swiss National Bank owned about 0.24% of Arista Networks worth $448,393,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ANET. Vanguard Group Inc. raised its holdings in Arista Networks by 1.0% in the third 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 in the last quarter. Cresset Asset Management LLC boosted its holdings 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 valued at $2,698,362,000 after buying an additional 263,272 shares in the last quarter. Geode Capital Management LLC grew its position in shares of 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 worth $2,606,694,000 after buying an additional 128,977 shares during the period. Norges Bank purchased a new stake in shares of Arista Networks in the 2nd quarter worth about $1,228,177,000. Finally, Schroder Investment Management Group increased its stake in shares of 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 worth $1,073,654,000 after acquiring an additional 1,350,593 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 422 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 9,529 shares of the company’s stock, valued at approximately $1,220,283.74. This represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kenneth Duda sold 26,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $142.35, for a total transaction of $3,701,100.00. Following the completion of the transaction, the insider owned 512,400 shares in the company, valued at $72,940,140. The trade was a 4.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 196,237 shares of company stock valued at $25,865,760. 3.54% of the stock is owned by corporate insiders.

Arista Networks Price Performance

NYSE ANET opened at $133.15 on Monday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94. The stock has a market capitalization of $167.31 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 2.36 and a beta of 1.46. The business’s fifty day moving average price is $134.45 and its 200-day moving average price is $137.23.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.Arista Networks’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.66 earnings per share. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ANET. Evercore reissued an “outperform” rating and set a $200.00 price objective on shares of Arista Networks in a research note on Friday, February 13th. Piper Sandler restated an “overweight” rating and issued a $175.00 price target (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Barclays reaffirmed an “overweight” rating and set a $184.00 price objective (up from $183.00) on shares of Arista Networks in a research report on Friday, February 13th. Needham & Company LLC boosted their target price on Arista Networks from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Finally, Wells Fargo & Company increased their target price on Arista Networks from $175.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $176.88.

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.