Arista Networks, Inc. $ANET Shares Sold by Richard Bernstein Advisors LLC

Richard Bernstein Advisors LLC lessened its position in shares of Arista Networks, Inc. (NYSE:ANET) by 54.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,108 shares of the technology company’s stock after selling 18,008 shares during the period. Richard Bernstein Advisors LLC’s holdings in Arista Networks were worth $2,201,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Arista Networks by 1.0% during 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 during the period. Cresset Asset Management LLC grew its holdings 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 valued at $2,698,362,000 after purchasing an additional 263,272 shares during the last quarter. Geode Capital Management LLC lifted its holdings 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 purchasing an additional 128,977 shares during the last quarter. Norges Bank acquired a new position in Arista Networks during the 2nd quarter valued at approximately $1,228,177,000. Finally, Schroder Investment Management Group grew its position in shares of Arista Networks by 14.8% during the second 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 and hedge funds own 82.47% of the company’s stock.

Analysts Set New Price Targets

ANET has been the topic of several recent research reports. Rosenblatt Securities lifted their price objective on shares of Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a research report on Tuesday, February 10th. Wells Fargo & Company upped their target price on shares of Arista Networks from $175.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, February 13th. Barclays reaffirmed an “overweight” rating and set a $184.00 price target (up from $183.00) on shares of Arista Networks in a report on Friday, February 13th. The Goldman Sachs Group reiterated a “buy” rating and set a $188.00 price objective (up from $165.00) on shares of Arista Networks in a research report on Friday, February 13th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $176.88.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $137.14 on Tuesday. The stock has a market cap of $172.32 billion, a price-to-earnings ratio of 49.69, a PEG ratio of 2.36 and a beta of 1.46. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94. The stock’s 50 day moving average price is $134.51 and its 200 day moving average price is $137.26.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.07. The company had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The firm’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. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Transactions at Arista Networks

In related news, insider Kenneth Duda sold 32,000 shares of Arista Networks stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $142.44, for a total transaction of $4,558,080.00. Following the completion of the sale, the insider owned 12,976 shares of the company’s stock, valued at approximately $1,848,301.44. This trade represents a 71.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director owned 9,784 shares in the company, valued at $1,373,967.12. This trade represents a 44.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 196,237 shares of company stock valued at $25,865,760. 3.54% of the stock is owned by insiders.

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.