Federated Hermes Inc. Cuts Position in Arista Networks, Inc. $ANET

Federated Hermes Inc. reduced its position in Arista Networks, Inc. (NYSE:ANET) by 44.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 877,719 shares of the technology company’s stock after selling 708,681 shares during the period. Federated Hermes Inc. owned approximately 0.07% of Arista Networks worth $89,799,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ANET. Vanguard Group Inc. lifted its position in Arista Networks by 1.2% during the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after buying an additional 1,136,167 shares in the last quarter. Cresset Asset Management LLC raised its stake in shares of Arista Networks by 1.0% in the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock valued at $2,698,362,000 after acquiring an additional 263,272 shares during the period. Geode Capital Management LLC raised its stake in shares of Arista Networks by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after acquiring an additional 128,977 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Arista Networks by 9.0% during the 1st quarter. Alliancebernstein L.P. now owns 22,959,214 shares of the technology company’s stock valued at $1,778,880,000 after acquiring an additional 1,889,198 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Arista Networks during the 1st quarter worth $933,626,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Trading Down 0.0%

ANET stock opened at $128.54 on Monday. The firm has a 50 day simple moving average of $140.51 and a 200-day simple moving average of $125.58. The company has a market capitalization of $161.87 billion, a P/E ratio of 48.87, a PEG ratio of 2.47 and a beta of 1.41. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm’s revenue was up 27.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.40 EPS. On average, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on ANET. The Goldman Sachs Group raised their price objective on Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Wells Fargo & Company raised their target price on Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Weiss Ratings raised Arista Networks from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 1st. Citigroup increased their price objective on shares of Arista Networks from $136.00 to $176.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, Evercore ISI lifted their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Eighteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $164.31.

Insider Transactions at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 1,247,688 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $148.53, for a total transaction of $185,319,098.64. Following the sale, the chief executive officer owned 5,383,207 shares in the company, valued at $799,567,735.71. This represents a 18.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 58,000 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $148.42, for a total value of $8,608,360.00. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,522,152 shares of company stock valued at $223,569,587. Insiders own 3.54% of the company’s stock.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.