Arista Networks, Inc. $ANET Position Reduced by Capital City Trust Co. FL

Capital City Trust Co. FL lessened its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 7.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,575 shares of the technology company’s stock after selling 6,040 shares during the quarter. Arista Networks comprises approximately 2.7% of Capital City Trust Co. FL’s portfolio, making the stock its 9th biggest holding. Capital City Trust Co. FL’s holdings in Arista Networks were worth $10,866,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ANET. Vanguard Group Inc. raised its holdings in Arista Networks by 1.2% during the 2nd 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 period. Cresset Asset Management LLC boosted its holdings in shares of Arista Networks by 1.0% in 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 acquiring an additional 263,272 shares during the period. Geode Capital Management LLC grew its position in shares of Arista Networks by 0.5% in the second quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after purchasing an additional 128,977 shares in the last quarter. Norges Bank purchased a new position in shares of Arista Networks in the second quarter valued at $1,228,177,000. Finally, Schroder Investment Management Group raised its stake in shares of Arista Networks by 14.8% during the 2nd quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock valued at $1,073,654,000 after purchasing an additional 1,350,593 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other news, insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total value of $3,694,800.00. Following the completion of the transaction, the insider directly owned 12,976 shares in the company, valued at approximately $1,598,124.16. This represents a 69.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total value of $2,994,431.10. Following the transaction, the chief executive officer owned 9,917 shares in the company, valued at $1,235,162.35. This trade 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 $28,488,988 over the last 90 days. 3.54% of the stock is owned by insiders.

Arista Networks Price Performance

Shares of ANET opened at $129.84 on Wednesday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94. The company has a market capitalization of $163.50 billion, a P/E ratio of 49.37, a P/E/G ratio of 2.08 and a beta of 1.41. The firm’s 50 day simple moving average is $129.27 and its 200 day simple moving average is $132.52.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates 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 for the quarter was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.40 EPS. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Morgan Stanley cut their target price on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $145.00 to $159.00 in a report on Monday, January 5th. BNP Paribas Exane upgraded shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective for the company in a research report on Thursday, September 25th. Needham & Company LLC boosted their price objective 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. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Eighteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $164.44.

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.