abrdn plc Increases Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

abrdn plc lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET – Get Rating) by 12.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,587 shares of the technology company’s stock after acquiring an additional 7,704 shares during the period. abrdn plc’s holdings in Arista Networks were worth $8,202,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Kentucky Retirement Systems lifted its holdings in Arista Networks by 0.4% in the fourth quarter. Kentucky Retirement Systems now owns 19,378 shares of the technology company’s stock valued at $2,352,000 after acquiring an additional 85 shares during the period. Clarius Group LLC raised its stake in Arista Networks by 4.7% in the 4th quarter. Clarius Group LLC now owns 1,979 shares of the technology company’s stock valued at $240,000 after purchasing an additional 89 shares during the last quarter. Avantax Advisory Services Inc. raised its stake in Arista Networks by 3.8% in the 3rd quarter. Avantax Advisory Services Inc. now owns 2,561 shares of the technology company’s stock valued at $289,000 after purchasing an additional 94 shares during the last quarter. Brinker Capital Investments LLC raised its stake in Arista Networks by 0.4% in the 4th quarter. Brinker Capital Investments LLC now owns 24,393 shares of the technology company’s stock valued at $2,960,000 after purchasing an additional 98 shares during the last quarter. Finally, Enlightenment Research LLC raised its stake in Arista Networks by 4.0% in the 3rd quarter. Enlightenment Research LLC now owns 2,600 shares of the technology company’s stock valued at $294,000 after purchasing an additional 100 shares during the last quarter. 64.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Argus boosted their target price on shares of Arista Networks from $175.00 to $195.00 in a research note on Tuesday, May 2nd. Cowen lifted their price target on Arista Networks from $212.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, February 14th. Rosenblatt Securities restated a “buy” rating and issued a $175.00 price target on shares of Arista Networks in a report on Wednesday, April 5th. Wells Fargo & Company lifted their price target on Arista Networks from $170.00 to $200.00 and gave the company an “overweight” rating in a report on Wednesday, March 22nd. Finally, Piper Sandler lifted their price target on Arista Networks from $162.00 to $166.00 in a report on Tuesday, May 2nd. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $173.85.

Arista Networks Stock Up 1.7 %

Shares of ANET opened at $143.91 on Monday. The business’s 50 day moving average is $154.81 and its two-hundred day moving average is $138.12. Arista Networks, Inc. has a 52-week low of $89.11 and a 52-week high of $171.44. The firm has a market cap of $44.36 billion, a price-to-earnings ratio of 29.98, a PEG ratio of 1.81 and a beta of 1.26.

Arista Networks (NYSE:ANET – Get Rating) last announced its earnings results on Monday, May 1st. The technology company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.31 billion. Arista Networks had a return on equity of 31.33% and a net margin of 31.24%. Arista Networks’s quarterly revenue was up 54.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.78 EPS. On average, equities analysts expect that Arista Networks, Inc. will post 5.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 140,000 shares of the firm’s stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $147.81, for a total transaction of $20,693,400.00. Following the transaction, the chief executive officer now directly owns 1,763,200 shares in the company, valued at $260,618,592. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jayshree Ullal sold 140,000 shares of the firm’s stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $147.81, for a total transaction of $20,693,400.00. Following the transaction, the chief executive officer now directly owns 1,763,200 shares in the company, valued at $260,618,592. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John F. Mccool sold 5,527 shares of the stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $134.95, for a total value of $745,868.65. Following the completion of the sale, the insider now directly owns 72 shares in the company, valued at $9,716.40. The disclosure for this sale can be found here. Insiders have sold 337,833 shares of company stock worth $51,272,220 over the last ninety days. 19.59% of the stock is owned by insiders.

Arista Networks Company Profile

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Arista Networks, Inc engages in the business of developing, marketing, and selling cloud networking solutions. The firm is also involved in switching and routing platforms and related network applications. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in November 2004 and is headquartered in Santa Clara, CA.