Factory Mutual Insurance Co. lowered its position in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 22.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 251,470 shares of the technology company’s stock after selling 72,850 shares during the period. Factory Mutual Insurance Co.’s holdings in Arista Networks were worth $51,197,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in ANET. Gerber Kawasaki Wealth & Investment Management increased its holdings in shares of Arista Networks by 3.5% in the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 12,646 shares of the technology company’s stock valued at $2,575,000 after acquiring an additional 433 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC bought a new position in shares of Arista Networks in the 3rd quarter worth $3,117,000. BOCHK Asset Management Ltd raised its position in shares of Arista Networks by 52.3% in the 3rd quarter. BOCHK Asset Management Ltd now owns 40,200 shares of the technology company’s stock worth $8,184,000 after acquiring an additional 13,800 shares in the last quarter. Greenfield Seitz Capital Management LLC lifted its stake in shares of Arista Networks by 1.1% during the 3rd quarter. Greenfield Seitz Capital Management LLC now owns 23,243 shares of the technology company’s stock worth $4,732,000 after purchasing an additional 251 shares during the last quarter. Finally, Signature Equity Partners LLC lifted its stake in shares of Arista Networks by 3.9% during the 3rd quarter. Signature Equity Partners LLC now owns 12,668 shares of the technology company’s stock worth $2,579,000 after purchasing an additional 470 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.
Arista Networks News Roundup
Here are the key news stories impacting Arista Networks this week:
- Positive Sentiment: Third-quarter earnings were $1.20 per share versus the $1.08 consensus, while revenue of $3.66 billion exceeded the $3.33 billion estimate and rose 58.5% year over year. The company said revenue growth was its strongest since its IPO, and operating margin widened. Article: Arista Networks Q3 Earnings and Revenues Beat Estimates
- Positive Sentiment: Management’s fourth-quarter outlook was characterized as strong, supporting expectations for continued demand for Arista’s networking products amid AI and data-center expansion. Article: Arista Networks Stock Pops on Q3 Earnings Beat, Strong Q4 Guidance
- Negative Sentiment: Gross margin slipped as product sales made up a larger share of revenue, and coverage flagged a slower pace of growth in the fourth-quarter outlook. These trends could raise questions about the durability of margin gains and rapid growth. Article: Arista Revenue Up 58% as Q4 Outlook Slows
Wall Street Analysts Forecast Growth
ANET has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Arista Networks in a research report on Monday, August 31st. They set a “buy” rating and a $220.00 price objective on the stock. The Goldman Sachs Group reiterated a “buy” rating and issued a $225.00 target price on shares of Arista Networks in a report on Wednesday, August 5th. Bank of America reiterated a “buy” rating and issued a $240.00 target price (up from $200.00) on shares of Arista Networks in a report on Wednesday, August 5th. Rosenblatt Securities increased their price target on shares of Arista Networks from $210.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Finally, Jefferies Financial Group set a $250.00 price target on shares of Arista Networks in a report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $232.95.
View Our Latest Stock Report on Arista Networks
Insiders Place Their Bets
In other news, CEO Jayshree Ullal sold 573,509 shares of Arista Networks stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $208.13, for a total transaction of $119,364,428.17. Following the completion of the sale, the chief executive officer directly owned 25,000 shares in the company, valued at approximately $5,203,250. The trade was a 95.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Andreas Bechtolsheim sold 300,000 shares of the business’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $198.95, for a total transaction of $59,685,000.00. Following the sale, the insider directly owned 180,543,048 shares in the company, valued at $35,919,039,399.60. This trade represents a 0.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 2,487,846 shares of company stock valued at $503,417,253. Corporate insiders own 2.70% of the company’s stock.
Arista Networks Stock Performance
Shares of NYSE ANET opened at $169.58 on Wednesday. The company has a market cap of $213.88 billion, a PE ratio of 53.49, a P/E/G ratio of 1.91 and a beta of 1.61. The business has a 50-day simple moving average of $194.30 and a two-hundred day simple moving average of $165.10. Arista Networks, Inc. has a fifty-two week low of $114.52 and a fifty-two week high of $217.41.
Arista Networks (NYSE:ANET – Get Free Report) last released its earnings results on Tuesday, November 3rd. The technology company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.33 billion. Arista Networks had a net margin of 38.37% and a return on equity of 30.65%. Arista Networks’s revenue for the quarter was up 58.5% on a year-over-year basis. During the same period last year, the business earned $0.75 EPS. On average, sell-side analysts predict that Arista Networks, Inc. will post 3.79 earnings per share for the current fiscal year.
About Arista Networks
Arista Networks, Inc develops and sells cloud networking solutions for data centers, cloud service providers, enterprises and specialized computing environments. The company’s products are designed to support high-performance, scalable and automated networks used for cloud computing, artificial intelligence, data analytics and other demanding applications.
Arista’s portfolio includes data center and campus switches, routing platforms, wireless networking products, network operating software and network management tools.
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