Arista Networks, Inc. $ANET Stock Position Cut by Burney Co.

Burney Co. cut its stake in Arista Networks, Inc. (NYSE:ANET) by 2.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 368,523 shares of the technology company’s stock after selling 10,996 shares during the quarter. Arista Networks comprises about 1.7% of Burney Co.’s holdings, making the stock its 8th biggest holding. Burney Co.’s holdings in Arista Networks were worth $53,697,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bare Financial Services Inc lifted its holdings in Arista Networks by 2,118.2% in the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after buying an additional 233 shares during the period. AdvisorNet Financial Inc raised its position in shares of Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after acquiring an additional 72 shares in the last quarter. Saudi Central Bank purchased a new position in shares of Arista Networks in the 1st quarter valued at approximately $33,000. REAP Financial Group LLC boosted its position in shares of Arista Networks by 108.0% during 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 in the last quarter. Finally, eCIO Inc. purchased a new stake in Arista Networks in the first quarter worth $36,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the company. Piper Sandler reissued a “neutral” rating and set a $145.00 price objective (up previously from $143.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Wells Fargo & Company increased their price target on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Erste Group Bank cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. William Blair restated an “outperform” rating on shares of Arista Networks in a report on Friday, September 12th. Finally, The Goldman Sachs Group raised their target price on shares of Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Seventeen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $163.56.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 9,917 shares in the company, valued at $1,235,162.35. The trade was a 70.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $128.09, for a total value of $1,024,720.00. Following the sale, the director directly owned 25,784 shares in the company, valued at $3,302,672.56. This trade represents a 23.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 216,464 shares of company stock valued at $28,598,588. 3.39% of the stock is currently owned by company insiders.

Arista Networks Stock Performance

Shares of ANET stock opened at $131.92 on Friday. The company has a market capitalization of $166.13 billion, a price-to-earnings ratio of 50.16, a price-to-earnings-growth ratio of 2.50 and a beta of 1.41. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94. The company’s 50-day moving average is $135.01 and its 200 day moving average is $128.94.

Arista Networks (NYSE:ANET) last issued 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 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 business’s revenue was up 27.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.40 earnings per share. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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.