Friedenthal Financial Makes New $959,000 Investment in Arista Networks, Inc. $ANET

Friedenthal Financial purchased a new position in Arista Networks, Inc. (NYSE:ANET) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,583 shares of the technology company’s stock, valued at approximately $959,000.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Arista Networks by 1.2% in 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 acquiring an additional 1,136,167 shares during the last quarter. Cresset Asset Management LLC lifted its stake in 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 boosted its holdings 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 worth $2,606,694,000 after purchasing an additional 128,977 shares in the last quarter. Alliancebernstein L.P. increased its position 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 purchasing an additional 1,889,198 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Arista Networks during the 2nd quarter valued at about $1,228,177,000. 82.47% of the stock is owned by institutional investors.

Insider Activity at Arista Networks

In other Arista Networks news, insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $142.75, for a total transaction of $4,282,500.00. Following the completion of the transaction, the insider owned 12,976 shares of the company’s stock, valued at $1,852,324. This represents a 69.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total value of $2,994,431.10. Following the completion of the sale, the chief executive officer owned 9,917 shares in the company, 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 worth $28,598,588 in the last 90 days. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 0.4%

NYSE:ANET opened at $131.29 on Wednesday. The firm has a market capitalization of $165.33 billion, a P/E ratio of 49.92, a P/E/G ratio of 2.50 and a beta of 1.41. The company has a fifty day moving average of $135.78 and a 200 day moving average of $128.67. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share (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 analysts’ expectations of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The company’s revenue for the quarter was up 27.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.40 earnings per share. As a group, analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on ANET. Needham & Company LLC boosted their target price on Arista Networks from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, September 16th. BNP Paribas Exane raised shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price target on the stock in a research note on Thursday, September 25th. Evercore ISI upped 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. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research report on Monday. Finally, The Goldman Sachs Group upped their price target on shares of Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Seventeen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $163.56.

Arista Networks 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.