Thrivent Financial for Lutherans Trims Stake in Arista Networks, Inc. $ANET

Thrivent Financial for Lutherans decreased its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 29.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 385,639 shares of the technology company’s stock after selling 162,717 shares during the period. Thrivent Financial for Lutherans’ holdings in Arista Networks were worth $56,192,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in ANET. Vanguard Group Inc. raised its stake in Arista Networks by 1.2% in 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 purchasing an additional 1,136,167 shares during the last quarter. Cresset Asset Management LLC raised its position 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 valued at $2,698,362,000 after buying an additional 263,272 shares during the last quarter. Geode Capital Management LLC boosted its position in Arista Networks by 0.5% during the second quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock worth $2,606,694,000 after acquiring an additional 128,977 shares during the last quarter. Norges Bank purchased a new stake in Arista Networks in the 2nd quarter worth approximately $1,228,177,000. Finally, Schroder Investment Management Group grew its stake in Arista Networks by 14.8% in the 2nd quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock worth $1,073,654,000 after acquiring an additional 1,350,593 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 422 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $117.15, for a total transaction of $49,437.30. Following the completion of the sale, the director directly owned 8,980 shares in the company, valued at $1,052,007. The trade was a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 completion of the sale, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. The trade was a 70.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 208,464 shares of company stock valued at $26,430,108. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Trading Down 4.3%

Shares of Arista Networks stock opened at $141.79 on Monday. The business’s fifty day moving average price is $130.99 and its 200 day moving average price is $135.47. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94. The stock has a market capitalization of $178.55 billion, a P/E ratio of 53.91, a PEG ratio of 2.39 and a beta of 1.42.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same period last year, the business posted $2.40 EPS. The company’s quarterly revenue was up 27.5% compared to the same quarter last year. As a group, sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ANET shares. Zacks Research lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. UBS Group reiterated a “buy” rating and issued a $155.00 target price on shares of Arista Networks in a research note on Wednesday, December 3rd. Morgan Stanley decreased their price target 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. Erste Group Bank cut Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Finally, Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $145.00 to $159.00 in a research note on Monday, January 5th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently 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.