Renasant Bank lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 365.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,150 shares of the technology company’s stock after buying an additional 6,398 shares during the quarter. Renasant Bank’s holdings in Arista Networks were worth $1,385,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Lighthouse Financial Services Inc. ADV bought a new position in shares of Arista Networks during the fourth quarter worth $1,549,000. Bensler LLC acquired a new stake in Arista Networks during the 4th quarter worth $6,350,000. QRG Capital Management Inc. lifted its holdings in Arista Networks by 6.4% during the fourth quarter. QRG Capital Management Inc. now owns 169,613 shares of the technology company’s stock worth $22,224,000 after acquiring an additional 10,217 shares in the last quarter. Jefferies Financial Group Inc. grew its stake in Arista Networks by 59.8% in the fourth quarter. Jefferies Financial Group Inc. now owns 17,621 shares of the technology company’s stock valued at $2,309,000 after acquiring an additional 6,591 shares during the period. Finally, Reaves W H & Co. Inc. bought a new stake in shares of Arista Networks in the fourth quarter worth about $3,058,000. 82.47% of the stock is owned by institutional investors.
Arista Networks Stock Performance
Shares of Arista Networks stock opened at $195.74 on Tuesday. The business’s 50 day simple moving average is $180.70 and its 200 day simple moving average is $158.88. Arista Networks, Inc. has a 52-week low of $114.52 and a 52-week high of $214.89. The firm has a market cap of $246.87 billion, a PE ratio of 61.75, a P/E/G ratio of 2.02 and a beta of 1.60.
Analysts Set New Price Targets
ANET has been the subject of several research analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $240.00 price objective (up from $181.00) on shares of Arista Networks in a research report on Wednesday, August 5th. Rosenblatt Securities upped their price target on shares of Arista Networks from $210.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Raymond James Financial raised shares of Arista Networks from a “market perform” rating to an “outperform” rating and set a $164.00 price objective for the company in a research report on Friday, May 15th. Barclays restated an “overweight” rating and set a $289.00 price objective (up from $195.00) on shares of Arista Networks in a report on Wednesday, August 5th. Finally, Bank of America reaffirmed a “buy” rating and issued a $240.00 price objective (up from $200.00) on shares of Arista Networks in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Arista Networks currently has a consensus rating of “Buy” and a consensus price target of $225.76.
View Our Latest Research Report on Arista Networks
Insider Buying and Selling at Arista Networks
In other news, major shareholder Andreas Bechtolsheim sold 300,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $203.30, for a total value of $60,990,000.00. Following the completion of the transaction, the insider owned 181,143,048 shares in the company, valued at $36,826,381,658.40. This trade represents a 0.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jayshree Ullal sold 767,029 shares of Arista Networks stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $201.22, for a total value of $154,341,575.38. Following the completion of the sale, the chief executive officer directly owned 16,387,981 shares in the company, valued at approximately $3,297,589,536.82. This represents a 4.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 4,242,082 shares of company stock valued at $800,487,376 in the last 90 days. 2.70% of the stock is currently owned by corporate insiders.
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.
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