Arista Networks, Inc. $ANET Holdings Cut by First Business Financial Services Inc.

First Business Financial Services Inc. cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 13.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 57,092 shares of the technology company’s stock after selling 8,784 shares during the quarter. Arista Networks makes up 0.8% of First Business Financial Services Inc.’s portfolio, making the stock its 18th largest holding. First Business Financial Services Inc.’s holdings in Arista Networks were worth $8,319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in ANET. Norges Bank bought a new position in Arista Networks during the 2nd quarter worth $1,228,177,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Arista Networks by 2,829.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock valued at $833,630,000 after acquiring an additional 5,525,828 shares during the period. Nordea Investment Management AB grew its position in shares of Arista Networks by 193.3% during the second quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock worth $721,342,000 after acquiring an additional 4,656,021 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of Arista Networks in the 2nd quarter worth about $247,451,000. Finally, Robeco Institutional Asset Management B.V. lifted its position in Arista Networks by 123.0% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 3,068,064 shares of the technology company’s stock valued at $313,894,000 after purchasing an additional 1,692,467 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total transaction 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 trade represents a 31.03% decrease in their ownership of the stock. The sale was disclosed in a filing 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 transaction of $2,994,431.10. Following the completion of the transaction, the chief executive officer owned 9,917 shares in the company, valued at approximately $1,235,162.35. This trade represents a 70.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 160,464 shares of company stock valued at $20,494,988 in the last ninety days. Company insiders own 3.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ANET shares. BNP Paribas Exane upgraded shares of Arista Networks from a “hold” rating to an “outperform” rating in a research note on Thursday, September 25th. Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and raised their target price for the company from $145.00 to $159.00 in a research report on Monday, January 5th. Morgan Stanley cut their target price on Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. UBS Group reissued a “buy” rating and issued a $155.00 price target on shares of Arista Networks in a research note on Wednesday, December 3rd. Finally, Barclays restated an “overweight” rating and set a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $164.44.

Arista Networks Stock Down 0.2%

Shares of Arista Networks stock opened at $127.26 on Thursday. The business has a fifty day simple moving average of $128.35 and a 200-day simple moving average of $133.43. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The firm has a market cap of $160.26 billion, a price-to-earnings ratio of 48.39, a price-to-earnings-growth ratio of 2.15 and a beta of 1.41.

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 the consensus estimate of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the previous year, the business earned $2.40 earnings per share. Arista Networks’s revenue for the quarter was up 27.5% compared to the same quarter last year. Analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

About Arista Networks

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.