Legal & General Group Plc Sells 388,294 Shares of Arista Networks, Inc. $ANET

Legal & General Group Plc trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET) by 4.7% during the third quarter, HoldingsChannel reports. The firm owned 7,847,071 shares of the technology company’s stock after selling 388,294 shares during the quarter. Legal & General Group Plc’s holdings in Arista Networks were worth $1,143,397,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Arista Networks by 1.0% in the third quarter. Vanguard Group Inc. now owns 100,000,830 shares of the technology company’s stock valued at $14,571,121,000 after acquiring an additional 1,007,730 shares during the period. Cresset Asset Management LLC increased its stake in Arista Networks by 1.0% during the 2nd 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 in the last quarter. Geode Capital Management LLC lifted its stake in 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 position in shares of Arista Networks in the second quarter valued at approximately $1,228,177,000. Finally, Schroder Investment Management Group lifted its position in Arista Networks by 14.8% in the 2nd quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock valued at $1,073,654,000 after acquiring an additional 1,350,593 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Up 3.2%

Shares of NYSE:ANET opened at $137.14 on Tuesday. The firm has a market capitalization of $172.32 billion, a price-to-earnings ratio of 49.69, a PEG ratio of 2.36 and a beta of 1.46. The stock’s 50 day moving average is $134.51 and its 200-day moving average is $137.26. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.07. The business had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.Arista Networks’s revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.66 earnings per share. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $128.67, for a total value of $1,029,360.00. Following the transaction, the director owned 1,784 shares of the company’s stock, valued at approximately $229,547.28. The trade was a 81.77% decrease in their ownership of the stock. 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 firm’s stock in a transaction on 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 sale, the insider directly owned 512,400 shares of the company’s stock, valued at approximately $72,940,140. This 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 quarter, insiders sold 196,237 shares of company stock valued at $25,865,760. 3.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ANET shares. Piper Sandler reiterated an “overweight” rating and set a $175.00 price objective (up from $159.00) on shares of Arista Networks in a report on Friday, February 13th. Morgan Stanley reiterated an “overweight” rating and issued a $165.00 price objective on shares of Arista Networks in a report on Friday, February 13th. Wells Fargo & Company raised their target price on shares of Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, February 13th. The Goldman Sachs Group restated a “buy” rating and set a $188.00 price objective (up from $165.00) on shares of Arista Networks in a research note on Friday, February 13th. Finally, Needham & Company LLC lifted their target price on Arista Networks from $165.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.88.

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.