Mitchell Capital Management Co. Cuts Stock Position in Arista Networks, Inc. $ANET

Mitchell Capital Management Co. lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 29.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 51,755 shares of the technology company’s stock after selling 21,323 shares during the quarter. Arista Networks accounts for about 1.3% of Mitchell Capital Management Co.’s portfolio, making the stock its 17th largest position. Mitchell Capital Management Co.’s holdings in Arista Networks were worth $7,541,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised 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 purchasing an additional 1,136,167 shares in the last quarter. Cresset Asset Management LLC increased its stake in shares of Arista Networks by 1.0% during the second 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 during the period. Geode Capital Management LLC raised its holdings in Arista Networks by 0.5% in the second quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after acquiring an additional 128,977 shares in the last quarter. Norges Bank purchased a new position in Arista Networks in the second quarter worth approximately $1,228,177,000. Finally, Schroder Investment Management Group grew its holdings 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 in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $140.43, for a total value of $1,123,440.00. Following the transaction, the director directly owned 9,784 shares in the company, valued at approximately $1,373,967.12. The trade was a 44.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 24,042 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the completion of the sale, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. The trade was a 70.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 216,464 shares of company stock worth $27,553,548. Insiders own 3.39% of the company’s stock.

Arista Networks Stock Down 1.7%

NYSE:ANET opened at $140.96 on Thursday. The company has a market capitalization of $177.51 billion, a PE ratio of 53.60, a P/E/G ratio of 2.42 and a beta of 1.42. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The stock’s 50 day moving average price is $132.65 and its 200 day moving average price is $136.71.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ANET. Piper Sandler upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $145.00 to $159.00 in a report on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Erste Group Bank cut Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. UBS Group reiterated a “buy” rating and issued a $155.00 price objective on shares of Arista Networks in a report on Wednesday, December 3rd. Finally, Morgan Stanley decreased their target price on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $166.00.

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.