SouthState Bank Corp Purchases 4,672 Shares of Arista Networks, Inc. $ANET

SouthState Bank Corp lifted its position in Arista Networks, Inc. (NYSE:ANET) by 95.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,591 shares of the technology company’s stock after buying an additional 4,672 shares during the period. SouthState Bank Corp’s holdings in Arista Networks were worth $1,398,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Arista Networks in the second quarter worth about $1,228,177,000. Massachusetts Financial Services Co. MA grew its position in shares of Arista Networks by 2,829.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock valued at $833,630,000 after purchasing an additional 5,525,828 shares during the period. Nordea Investment Management AB increased its stake in Arista Networks by 193.3% during the 2nd quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock worth $721,342,000 after purchasing an additional 4,656,021 shares in the last quarter. Holocene Advisors LP acquired a new stake in Arista Networks during the 2nd quarter worth approximately $247,451,000. Finally, Schroder Investment Management Group lifted its stake in Arista Networks by 14.8% in the second 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 in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Down 1.2%

ANET stock opened at $128.69 on Friday. The company has a market cap of $162.05 billion, a price-to-earnings ratio of 48.93, a P/E/G ratio of 2.20 and a beta of 1.42. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94. The business has a 50 day moving average price of $131.66 and a two-hundred day moving average price of $135.75.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The firm’s revenue for the quarter was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.40 EPS. On average, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 422 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $117.15, for a total value of $49,437.30. Following the sale, the director directly owned 8,980 shares of the company’s stock, valued at approximately $1,052,007. This represents a 4.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kenneth Duda sold 26,000 shares of the firm’s stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $128.43, for a total transaction of $3,339,180.00. Following the completion of the sale, the insider owned 522,400 shares of the company’s stock, valued at $67,091,832. This trade represents a 4.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 216,464 shares of company stock worth $27,553,548. 3.39% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ANET. Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Barclays reissued an “overweight” rating and issued a $183.00 price target (up previously from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $140.00 price objective on shares of Arista Networks in a research report on Monday, November 24th. Morgan Stanley dropped their target price on Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. Finally, Erste Group Bank downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $164.44.

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.