Carnegie Investment Counsel Boosts Holdings in Arista Networks, Inc. $ANET

Carnegie Investment Counsel boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 2.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 172,419 shares of the technology company’s stock after purchasing an additional 4,227 shares during the quarter. Carnegie Investment Counsel’s holdings in Arista Networks were worth $25,123,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ANET. Norges Bank bought a new position in shares of Arista Networks during the second quarter worth $1,228,177,000. AQR Capital Management LLC lifted its stake in Arista Networks by 153.8% in the 1st quarter. AQR Capital Management LLC now owns 7,719,809 shares of the technology company’s stock worth $584,119,000 after purchasing an additional 4,678,372 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Arista Networks by 193.3% during the 2nd quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock valued at $721,342,000 after purchasing an additional 4,656,021 shares during the last quarter. Holocene Advisors LP purchased a new position in shares of Arista Networks during the second quarter valued at about $247,451,000. Finally, Amundi grew its position in shares of Arista Networks by 35.3% during the first quarter. Amundi now owns 8,582,109 shares of the technology company’s stock valued at $611,852,000 after purchasing an additional 2,240,045 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of research analyst reports. BNP Paribas upgraded Arista Networks from a “hold” rating to an “outperform” rating in a research report on Thursday, September 25th. BNP Paribas Exane raised Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective on the stock in a report on Thursday, September 25th. Morgan Stanley cut their target price on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. The Goldman Sachs Group boosted their price target on shares of Arista Networks from $155.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Finally, Needham & Company LLC upped their price target on shares of Arista Networks from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, September 16th. Seventeen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $163.56.

Arista Networks Stock Performance

NYSE:ANET opened at $131.92 on Friday. The firm has a market capitalization of $166.13 billion, a PE ratio of 50.16, a PEG ratio of 2.50 and a beta of 1.41. The stock’s fifty day moving average is $135.01 and its 200 day moving average is $128.94. 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 posted its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the previous year, the business posted $2.40 earnings per share. The business’s revenue was up 27.5% compared to the same quarter last year. Equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Activity at Arista Networks

In related news, insider Kenneth Duda sold 30,000 shares of the stock in a transaction dated 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 sale, the insider directly 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 through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $128.09, for a total transaction of $1,024,720.00. Following the completion of the sale, the director directly owned 25,784 shares of the company’s stock, valued at approximately $3,302,672.56. The trade was a 23.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 216,464 shares of company stock worth $28,598,588. Insiders own 3.39% of the company’s stock.

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.