Congress Asset Management Co. Has $230.39 Million Position in Arista Networks, Inc. $ANET

Congress Asset Management Co. reduced its position in shares of Arista Networks, Inc. (NYSE:ANET) by 2.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,758,303 shares of the technology company’s stock after selling 39,393 shares during the period. Arista Networks accounts for approximately 1.6% of Congress Asset Management Co.’s portfolio, making the stock its 6th largest position. Congress Asset Management Co. owned 0.14% of Arista Networks worth $230,390,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Global Trust Asset Management LLC raised its holdings in Arista Networks by 33.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock worth $2,808,000 after purchasing an additional 4,780 shares in the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of Arista Networks during the 3rd quarter valued at about $8,263,000. National Wealth Management Group LLC purchased a new position in shares of Arista Networks during the third quarter valued at about $1,296,000. Holocene Advisors LP purchased a new position in shares of Arista Networks during the second quarter valued at about $247,451,000. Finally, Three Seasons Wealth LLC bought a new position in Arista Networks in the third quarter worth about $2,483,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

ANET has been the topic of several research reports. Rosenblatt Securities lifted their price objective on Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a research report on Tuesday, February 10th. Wells Fargo & Company increased their target price on Arista Networks from $175.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, February 13th. Barclays restated an “overweight” rating and issued a $184.00 target price (up from $183.00) on shares of Arista Networks in a research note on Friday, February 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $175.00 price target (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Finally, UBS Group set a $200.00 price objective on Arista Networks in a report on Tuesday, February 24th. Eighteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $176.47.

Insider Buying and Selling

In related news, insider Kenneth Duda sold 32,000 shares of the company’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $134.14, for a total value of $4,292,480.00. Following the transaction, the insider owned 12,976 shares in the company, valued at $1,740,600.64. The trade was a 71.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 422 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $128.06, for a total transaction of $54,041.32. Following the sale, the director directly owned 9,529 shares in the company, valued at $1,220,283.74. This trade represents a 4.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 199,632 shares of company stock valued at $26,936,324. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

ANET stock opened at $135.98 on Tuesday. The firm has a 50 day moving average price of $135.61 and a 200-day moving average price of $137.24. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The firm has a market capitalization of $170.87 billion, a price-to-earnings ratio of 49.27, a PEG ratio of 2.32 and a beta of 1.46.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.07. The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.66 EPS. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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.