Park Avenue Securities LLC Buys 11,925 Shares of Arista Networks, Inc. $ANET

Park Avenue Securities LLC boosted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 13.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 100,786 shares of the technology company’s stock after buying an additional 11,925 shares during the quarter. Park Avenue Securities LLC’s holdings in Arista Networks were worth $14,686,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SteelPeak Wealth LLC grew its holdings in Arista Networks by 23.8% during the 2nd quarter. SteelPeak Wealth LLC now owns 40,404 shares of the technology company’s stock worth $4,134,000 after acquiring an additional 7,779 shares during the period. Penobscot Investment Management Company Inc. lifted its stake in shares of Arista Networks by 7.8% in the 2nd quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock valued at $3,998,000 after purchasing an additional 2,815 shares during the period. Vanguard Group Inc. boosted its position in shares of Arista Networks by 1.2% during 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. Holocene Advisors LP acquired a new stake in Arista Networks during the second quarter worth approximately $247,451,000. Finally, Soltis Investment Advisors LLC grew its stake in Arista Networks by 99.3% during the second quarter. Soltis Investment Advisors LLC now owns 40,428 shares of the technology company’s stock worth $4,136,000 after purchasing an additional 20,141 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of ANET opened at $132.63 on Wednesday. The firm has a market capitalization of $167.02 billion, a P/E ratio of 50.43, a P/E/G ratio of 2.31 and a beta of 1.41. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The stock has a 50 day moving average price of $132.45 and a two-hundred day moving average price of $131.50.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The company’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same quarter last year, the company earned $2.40 earnings per share. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 422 shares of the 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 completion of the sale, the director owned 8,980 shares in the company, valued at $1,052,007. This represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $133.79, for a total transaction of $1,070,320.00. Following the completion of the sale, the director directly owned 17,784 shares of the company’s stock, valued at $2,379,321.36. The trade was a 31.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 216,464 shares of company stock worth $28,488,988. 3.54% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Zacks Research cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. William Blair reiterated an “outperform” rating on shares of Arista Networks in a research report on Friday, September 12th. BNP Paribas upgraded shares of Arista Networks from a “hold” rating to an “outperform” rating in a report on Thursday, September 25th. Citigroup lifted their price target on shares of Arista Networks from $136.00 to $176.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Finally, Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and raised their target price for the company from $145.00 to $159.00 in a research note on Monday. Eighteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Arista Networks presently has an average 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.