Arista Networks, Inc. $ANET Shares Sold by Capital Research Global Investors

Capital Research Global Investors trimmed its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 8.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 17,738,184 shares of the technology company’s stock after selling 1,724,585 shares during the period. Capital Research Global Investors’ holdings in Arista Networks were worth $2,584,580,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Banque Cantonale Vaudoise increased its stake in shares of Arista Networks by 22.5% during the third quarter. Banque Cantonale Vaudoise now owns 49,872 shares of the technology company’s stock worth $7,267,000 after buying an additional 9,156 shares during the period. Vestcor Inc increased its position in Arista Networks by 38.9% in the 3rd quarter. Vestcor Inc now owns 30,995 shares of the technology company’s stock valued at $4,516,000 after acquiring an additional 8,674 shares during the period. Sienna Gestion lifted its stake in shares of Arista Networks by 111.1% in the third quarter. Sienna Gestion now owns 127,489 shares of the technology company’s stock valued at $16,937,000 after purchasing an additional 67,084 shares during the period. LGT Fund Management Co Ltd. increased its stake in Arista Networks by 0.9% in the 3rd quarter. LGT Fund Management Co Ltd. now owns 24,516 shares of the technology company’s stock valued at $3,660,000 after purchasing an additional 229 shares in the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management raised its position in Arista Networks by 6.6% during the third quarter. Gerber Kawasaki Wealth & Investment Management now owns 10,767 shares of the technology company’s stock worth $1,569,000 after acquiring an additional 663 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.67, for a total transaction of $1,029,360.00. Following the completion of the transaction, the director owned 1,784 shares in the company, valued at approximately $229,547.28. This represents a 81.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kenneth Duda sold 26,000 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $142.35, for a total value of $3,701,100.00. Following the completion of the sale, the insider owned 512,400 shares in the company, valued at approximately $72,940,140. This trade represents a 4.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 196,237 shares of company stock valued at $25,865,760. 3.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ANET. Evercore reiterated an “outperform” rating and issued a $200.00 price target on shares of Arista Networks in a report on Friday, February 13th. Erste Group Bank downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Needham & Company LLC lifted their price target on Arista Networks from $165.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $165.00 target price on shares of Arista Networks in a research note on Friday, February 13th. Finally, 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. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $176.88.

Arista Networks Stock Up 3.2%

Shares of NYSE ANET opened at $137.14 on Tuesday. The business’s 50 day moving average is $134.51 and its two-hundred day moving average is $137.26. The company has a market cap of $172.32 billion, a P/E ratio of 49.69, a P/E/G 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.

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

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.