Provenance Wealth Advisors LLC lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 182,387.5% during the third quarter, Holdings Channel reports. The firm owned 14,599 shares of the technology company’s stock after buying an additional 14,591 shares during the period. Provenance Wealth Advisors LLC’s holdings in Arista Networks were worth $2,972,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. State Street Corp raised its holdings in shares of Arista Networks by 159.4% during the second quarter. State Street Corp now owns 121,303,125 shares of the technology company’s stock valued at $20,606,975,000 after buying an additional 74,541,134 shares during the last quarter. Jupiter Topco LLC bought a new stake in Arista Networks in the second quarter worth about $1,101,860,000. Envestnet Asset Management Inc. lifted its stake in Arista Networks by 199.0% during the second quarter. Envestnet Asset Management Inc. now owns 9,630,196 shares of the technology company’s stock valued at $1,635,978,000 after purchasing an additional 6,409,612 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Arista Networks during the 2nd quarter valued at $537,736,000. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Arista Networks by 34.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 9,725,196 shares of the technology company’s stock valued at $1,712,788,000 after purchasing an additional 2,497,275 shares during the period. 82.47% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on ANET. Deutsche Bank Aktiengesellschaft started coverage on shares of Arista Networks in a research report on Monday, August 31st. They set a “buy” rating and a $220.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $260.00 target price (up from $200.00) on shares of Arista Networks in a report on Wednesday, August 5th. Piper Sandler reissued 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. Barclays reiterated an “overweight” rating and set a $289.00 price target (up from $195.00) on shares of Arista Networks in a research note on Wednesday, August 5th. Finally, Morgan Stanley reissued an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Arista Networks in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Arista Networks currently has an average rating of “Buy” and an average price target of $232.95.
Check Out Our Latest Analysis on ANET
Insider Activity at Arista Networks
In other news, major shareholder Andreas Bechtolsheim sold 267,892 shares of Arista Networks stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $171.19, for a total transaction of $45,860,431.48. Following the completion of the sale, the insider owned 180,275,156 shares in the company, valued at $30,861,303,955.64. The trade was a 0.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jayshree Ullal sold 130,553 shares of Arista Networks stock in a transaction on Friday, October 9th. The stock was sold at an average price of $217.10, for a total transaction of $28,343,056.30. Following the sale, the chief executive officer directly owned 4,774,691 shares of the company’s stock, valued at $1,036,585,416.10. This represents a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 2,487,846 shares of company stock worth $503,417,253 over the last 90 days. Insiders own 2.70% of the company’s stock.
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
Arista Networks Trading Up 3.3%
Shares of ANET stock opened at $169.58 on Wednesday. The firm has a market capitalization of $213.88 billion, a price-to-earnings ratio of 53.49, a PEG ratio of 1.91 and a beta of 1.61. The firm’s 50 day moving average is $194.30 and its 200-day moving average is $165.10. Arista Networks, Inc. has a 1 year low of $114.52 and a 1 year high of $217.41.
Arista Networks (NYSE:ANET – Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The technology company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.12. Arista Networks had a net margin of 38.37% and a return on equity of 30.65%. The firm had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter in the previous year, the company posted $0.75 EPS. Arista Networks’s revenue was up 58.5% on a year-over-year basis. On average, equities research analysts forecast that Arista Networks, Inc. will post 3.79 earnings per share for the current fiscal year.
Arista Networks Profile
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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