Eastern Bank Has $37.34 Million Stock Holdings in Arista Networks, Inc. $ANET

Eastern Bank grew its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 2.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 256,244 shares of the technology company’s stock after purchasing an additional 6,242 shares during the period. Eastern Bank’s holdings in Arista Networks were worth $37,337,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bare Financial Services Inc lifted its stake in Arista Networks by 2,118.2% during the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after buying an additional 233 shares in the last quarter. AdvisorNet Financial Inc raised its holdings in shares of Arista Networks by 56.7% during the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after acquiring an additional 72 shares during the period. REAP Financial Group LLC lifted its position in shares of Arista Networks by 108.0% in the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after acquiring an additional 175 shares in the last quarter. SJS Investment Consulting Inc. boosted its stake in Arista Networks by 979.2% in the 3rd quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock worth $38,000 after purchasing an additional 235 shares during the period. Finally, Solstein Capital LLC boosted its stake in Arista Networks by 493.8% in the 2nd quarter. Solstein Capital LLC now owns 380 shares of the technology company’s stock worth $39,000 after purchasing an additional 316 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total value of $1,070,320.00. Following the completion of the sale, the director directly owned 17,784 shares in the company, valued at approximately $2,379,321.36. This represents a 31.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the transaction, the chief executive officer directly 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 SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 216,464 shares of company stock worth $28,488,988. 3.54% of the stock is owned by corporate insiders.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $129.84 on Wednesday. The firm has a market cap of $163.50 billion, a price-to-earnings ratio of 49.37, a P/E/G ratio of 2.08 and a beta of 1.41. The stock has a 50-day simple moving average of $129.27 and a 200-day simple moving average of $132.52. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, beating the consensus estimate 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 company’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.40 earnings per share. As a group, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ANET shares. Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $145.00 to $159.00 in a report on Monday, January 5th. Barclays reaffirmed an “overweight” rating and set a $183.00 target price (up previously from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. BNP Paribas Exane upgraded Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 target price on the stock in a report on Thursday, September 25th. Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Finally, Zacks Research downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Eighteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.