LGT Group Foundation Has $12.94 Million Stake in Arista Networks, Inc. $ANET

LGT Group Foundation lowered its position in Arista Networks, Inc. (NYSE:ANET) by 14.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,658 shares of the technology company’s stock after selling 14,054 shares during the period. LGT Group Foundation’s holdings in Arista Networks were worth $12,935,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in Arista Networks by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 100,000,830 shares of the technology company’s stock valued at $14,571,121,000 after purchasing an additional 1,007,730 shares during the last quarter. 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 worth $2,698,362,000 after purchasing an additional 263,272 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of 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 buying an additional 128,977 shares in the last quarter. Norges Bank acquired a new stake in shares of Arista Networks in the second quarter valued at $1,228,177,000. Finally, Schroder Investment Management Group raised its holdings in shares of 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 during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Rosenblatt Securities upped their price target on shares of Arista Networks from $140.00 to $165.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 10th. Wells Fargo & Company boosted their target price on shares of Arista Networks from $175.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, February 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Piper Sandler reissued an “overweight” rating and set a $175.00 price target (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Finally, UBS Group set a $200.00 price target on shares of Arista Networks in a report on Tuesday, February 24th. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $176.88.

Arista Networks Stock Down 4.5%

Shares of ANET stock opened at $133.15 on Monday. The firm has a market cap of $167.31 billion, a price-to-earnings ratio of 48.24, 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 has a 50-day moving average price of $134.45 and a 200 day moving average price of $137.23.

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

Insider Activity at Arista Networks

In other Arista Networks news, Director Yvonne Wassenaar sold 1,815 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $132.44, for a total value of $240,378.60. Following the transaction, the director directly owned 12,574 shares of the company’s stock, valued at approximately $1,665,300.56. This trade represents a 12.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the insider directly owned 12,976 shares of the company’s stock, valued at $1,848,301.44. This represents a 71.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 196,237 shares of company stock worth $25,865,760 over the last ninety days. Company insiders own 3.54% of the company’s stock.

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.