Carnegie Investment Counsel cut its stake in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 12.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 153,613 shares of the technology company’s stock after selling 21,088 shares during the quarter. Carnegie Investment Counsel’s holdings in Arista Networks were worth $18,861,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. Board of the Pension Protection Fund acquired a new stake in shares of Arista Networks during the fourth quarter worth $26,000. Sankala Group LLC bought a new position in Arista Networks during the fourth quarter worth $27,000. Prosperity Bancshares Inc acquired a new position in shares of Arista Networks during the fourth quarter valued at about $28,000. Quarry LP acquired a new position in Arista Networks during the 3rd quarter worth approximately $33,000. Finally, Ameliora Wealth Management Ltd. bought a new stake in shares of Arista Networks during the fourth quarter valued at approximately $30,000. 82.47% of the stock is currently owned by institutional investors.
Arista Networks Stock Performance
ANET traded up $2.77 on Friday, reaching $187.46. The company had a trading volume of 5,583,081 shares, compared to its average volume of 7,973,050. Arista Networks, Inc. has a 52-week low of $104.68 and a 52-week high of $189.82. The company has a market cap of $236.05 billion, a price-to-earnings ratio of 64.20, a P/E/G ratio of 2.88 and a beta of 1.60. The business has a 50 day simple moving average of $159.79 and a 200 day simple moving average of $145.74.
Key Headlines Impacting Arista Networks
Here are the key news stories impacting Arista Networks this week:
- Positive Sentiment: ANET was highlighted as a stock drawing increased investor attention, suggesting strong market interest and momentum around the name. Arista Networks, Inc. (ANET) is Attracting Investor Attention: Here is What You Should Know
- Positive Sentiment: Multiple reports tied Arista to the AI networking theme, which has been a key driver behind buying in networking and infrastructure stocks. Arista Networks (NYSE:ANET) AI Momentum Boosts Market Focus
- Positive Sentiment: Arista reached or traded near new highs as investors rotated into technology shares and continued rewarding AI beneficiaries. Why Did PENG, ANET, BCRX Shares Surge To 52-Week Highs?
- Neutral Sentiment: Wall Street commentary remained broadly constructive on ANET, but the article mainly noted that analyst opinions often influence trading rather than providing a major new catalyst. Wall Street Bulls Look Optimistic About Arista Networks (ANET): Should You Buy?
- Negative Sentiment: Insider selling by co-founder Andreas Bechtolsheim could weigh on sentiment, even if it does not necessarily change the long-term business outlook. Andreas Bechtolsheim Sells 240,000 Shares of Arista Networks (NYSE:ANET) Stock
Analyst Ratings Changes
Several equities analysts recently weighed in on ANET shares. TD Cowen reaffirmed a “buy” rating and issued a $200.00 price target (up from $170.00) on shares of Arista Networks in a research report on Wednesday, May 6th. Citigroup cut their price objective on Arista Networks from $176.00 to $173.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Truist Financial set a $175.00 target price on shares of Arista Networks in a research report on Wednesday, May 6th. Bank of America increased their price target on Arista Networks from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $185.00 target price on shares of Arista Networks in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Buy” and an average target price of $187.63.
View Our Latest Report on Arista Networks
Insider Transactions at Arista Networks
In other news, major shareholder Andreas Bechtolsheim sold 260,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $165.57, for a total value of $43,048,200.00. Following the completion of the sale, the insider directly owned 182,543,048 shares in the company, valued at approximately $30,223,652,457.36. The trade was a 0.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jayshree Ullal sold 428,000 shares of the stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $177.44, for a total transaction of $75,944,320.00. Following the transaction, the chief executive officer directly owned 5,209,207 shares in the company, valued at approximately $924,321,690.08. This represents a 7.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 3,147,080 shares of company stock valued at $513,396,642 over the last quarter. Company insiders own 2.70% 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.
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