Arista Networks, Inc. $ANET Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. lowered its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 1.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 1,797,696 shares of the technology company’s stock after selling 21,024 shares during the period. Arista Networks accounts for approximately 1.7% of Congress Asset Management Co.’s holdings, making the stock its 5th largest position. Congress Asset Management Co. owned about 0.14% of Arista Networks worth $261,942,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Bare Financial Services Inc increased its holdings in shares of Arista Networks by 2,118.2% during the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after acquiring an additional 233 shares during the last quarter. AdvisorNet Financial Inc boosted its position in Arista Networks by 56.7% during the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after purchasing an additional 72 shares during the period. Saudi Central Bank acquired a new position in shares of Arista Networks in the first quarter valued at $33,000. REAP Financial Group LLC raised its position in shares of Arista Networks by 108.0% in the second quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after purchasing an additional 175 shares during the period. Finally, eCIO Inc. acquired a new stake in shares of Arista Networks during the 1st quarter worth about $36,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE ANET opened at $131.29 on Friday. The stock has a market capitalization of $165.33 billion, a PE ratio of 49.92, a P/E/G ratio of 2.51 and a beta of 1.41. The business has a fifty day moving average price of $136.26 and a two-hundred day moving average price of $127.94. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate 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%.Arista Networks’s quarterly revenue was up 27.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.40 EPS. On average, equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Buying and Selling at Arista Networks

In related news, insider Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction that occurred on Friday, October 17th. The shares were sold at an average price of $142.75, for a total value of $4,282,500.00. Following the transaction, the insider directly owned 12,976 shares of the company’s stock, valued at $1,852,324. This trade represents a 69.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the transaction, the chief executive officer owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. This represents a 70.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 216,464 shares of company stock valued at $28,598,588 in the last ninety days. 3.39% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Citigroup increased their price target on shares of Arista Networks from $136.00 to $176.00 and gave the company a “buy” rating in a report on Friday, September 12th. Erste Group Bank lowered Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. Evercore ISI boosted their price target on Arista Networks from $150.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Needham & Company LLC upped their price objective on Arista Networks from $155.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Finally, Melius Research lifted their target price on Arista Networks from $160.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Seventeen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $163.56.

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.