Arista Networks, Inc. $ANET Shares Sold by Montecito Bank & Trust

Montecito Bank & Trust reduced its position in Arista Networks, Inc. (NYSE:ANET) by 33.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,740 shares of the technology company’s stock after selling 3,896 shares during the period. Montecito Bank & Trust’s holdings in Arista Networks were worth $1,014,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Norges Bank purchased a new position in Arista Networks in the second quarter valued at about $1,228,177,000. Massachusetts Financial Services Co. MA increased its holdings in Arista Networks by 2,829.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock worth $833,630,000 after purchasing an additional 5,525,828 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Arista Networks by 82.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 9,587,115 shares of the technology company’s stock worth $1,396,939,000 after purchasing an additional 4,332,659 shares during the last quarter. Holocene Advisors LP acquired a new position in shares of Arista Networks in the 2nd quarter valued at approximately $247,451,000. Finally, Schroder Investment Management Group boosted its stake in shares of 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 valued at $1,073,654,000 after buying an additional 1,350,593 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Trading Up 3.6%

ANET stock opened at $135.98 on Tuesday. The stock’s 50 day simple moving average is $135.61 and its 200 day simple moving average is $137.24. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94. The firm has a market cap of $170.87 billion, a P/E ratio of 49.27, a P/E/G ratio of 2.32 and a beta of 1.46.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. The firm had revenue of $2.49 billion during the quarter, compared to the consensus estimate 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 was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.66 earnings per share. On average, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Analysts Set New Price Targets

ANET has been the subject of a number of research analyst reports. Rosenblatt Securities lifted their price target on shares of Arista Networks from $140.00 to $165.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Piper Sandler reiterated an “overweight” rating and set a $175.00 price objective (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. 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 research report on Friday, February 13th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $188.00 price target (up from $165.00) on shares of Arista Networks in a research report on Friday, February 13th. Eighteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.47.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated 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 sale, the director owned 9,784 shares in the company, valued at $1,373,967.12. This represents a 44.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yvonne Wassenaar sold 1,815 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total transaction of $240,378.60. Following the completion of the transaction, the director directly owned 12,574 shares in the company, valued at $1,665,300.56. This represents a 12.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 199,632 shares of company stock worth $26,936,324. 3.54% of the stock is currently owned by insiders.

Arista Networks 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.