Bank of New York Mellon Corp Sells 6,170 Shares of Arista Networks, Inc. $ANET

Bank of New York Mellon Corp reduced its position in shares of Arista Networks, Inc. (NYSE:ANET) by 0.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,615,626 shares of the technology company’s stock after selling 6,170 shares during the period. Bank of New York Mellon Corp owned about 0.45% of Arista Networks worth $818,253,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Ballentine Partners LLC lifted its stake in Arista Networks by 6.5% in the 3rd quarter. Ballentine Partners LLC now owns 14,265 shares of the technology company’s stock valued at $2,079,000 after acquiring an additional 875 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Arista Networks by 39.0% in the third quarter. Federated Hermes Inc. now owns 1,219,782 shares of the technology company’s stock valued at $177,734,000 after purchasing an additional 342,063 shares during the last quarter. Valeo Financial Advisors LLC lifted its position in shares of Arista Networks by 20.0% in the third quarter. Valeo Financial Advisors LLC now owns 12,012 shares of the technology company’s stock worth $1,750,000 after purchasing an additional 2,000 shares in the last quarter. Truist Financial Corp boosted its holdings in Arista Networks by 12.7% during the third quarter. Truist Financial Corp now owns 741,735 shares of the technology company’s stock worth $108,078,000 after purchasing an additional 83,484 shares during the last quarter. Finally, Little House Capital LLC acquired a new position in Arista Networks during the third quarter worth $238,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ANET shares. Zacks Research lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Rosenblatt Securities restated a “neutral” rating and issued a $140.00 price objective on shares of Arista Networks in a report on Monday, November 24th. Morgan Stanley dropped their target price on Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a report on Wednesday, December 17th. Erste Group Bank cut Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Barclays reaffirmed an “overweight” rating and set a $183.00 price target (up previously from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $164.44.

Arista Networks Stock Up 2.5%

Shares of NYSE ANET opened at $150.31 on Thursday. The business’s 50 day moving average price is $129.93 and its two-hundred day moving average price is $134.76. The company has a market cap of $189.28 billion, a PE ratio of 57.15, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94.

Arista Networks (NYSE:ANET) last issued its 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. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The firm’s revenue for the quarter was up 27.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.40 EPS. As a group, research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 24,042 shares of the company’s stock in a transaction on 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated 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 transaction, the director directly owned 17,784 shares in the company, valued at $2,379,321.36. The trade was a 31.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 216,464 shares of company stock valued at $27,687,068 over the last ninety days. 3.54% of the stock is currently owned by company insiders.

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.