Boomfish Wealth Group LLC Decreases Stock Position in Arista Networks, Inc. $ANET

Boomfish Wealth Group LLC lowered its holdings in Arista Networks, Inc. (NYSE:ANET) by 17.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,790 shares of the technology company’s stock after selling 5,627 shares during the quarter. Arista Networks comprises about 2.0% of Boomfish Wealth Group LLC’s investment portfolio, making the stock its 10th largest position. Boomfish Wealth Group LLC’s holdings in Arista Networks were worth $3,758,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

ANET has been the subject of several research reports. UBS Group reissued a “buy” rating and issued a $155.00 target price on shares of Arista Networks in a research note on Wednesday, December 3rd. Piper Sandler upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and upped their target price for the company from $145.00 to $159.00 in a research report on Monday, January 5th. BNP Paribas Exane raised shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 target price on the stock in a research note on Thursday, September 25th. Barclays reiterated 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. Finally, Morgan Stanley reduced their price objective on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. Eighteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $164.44.

Arista Networks Stock Down 1.8%

Shares of NYSE ANET opened at $127.51 on Wednesday. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94. The stock has a market cap of $160.57 billion, a price-to-earnings ratio of 48.48, a P/E/G ratio of 2.18 and a beta of 1.41. The company’s fifty day moving average is $128.50 and its 200-day moving average is $133.48.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm’s quarterly revenue was up 27.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.40 EPS. On average, 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 firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the sale, the chief executive officer directly owned 9,917 shares in the company, valued at approximately $1,235,162.35. This trade represents a 70.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $128.61, for a total transaction of $3,858,300.00. Following the completion of the transaction, the insider owned 12,976 shares of the company’s stock, valued at $1,668,843.36. This trade represents a 69.81% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 160,464 shares of company stock worth $20,494,988. Company insiders own 3.54% of the company’s stock.

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.