Telos Capital Management Inc. Decreases Holdings in Arista Networks, Inc. (NYSE:ANET)

Telos Capital Management Inc. cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 3.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,257 shares of the technology company’s stock after selling 69 shares during the quarter. Telos Capital Management Inc.’s holdings in Arista Networks were worth $532,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Arista Networks by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 27,898,836 shares of the technology company’s stock worth $5,131,433,000 after buying an additional 84,212 shares during the period. FMR LLC boosted its holdings in shares of Arista Networks by 32.2% during the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock valued at $1,897,906,000 after purchasing an additional 2,515,864 shares during the last quarter. State Street Corp boosted its holdings in shares of Arista Networks by 3.2% during the 1st quarter. State Street Corp now owns 9,991,923 shares of the technology company’s stock valued at $1,677,231,000 after purchasing an additional 313,036 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Arista Networks by 162.2% during the 4th quarter. Morgan Stanley now owns 5,549,335 shares of the technology company’s stock valued at $673,412,000 after purchasing an additional 3,432,952 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Arista Networks by 1.8% during the 1st quarter. Geode Capital Management LLC now owns 5,112,297 shares of the technology company’s stock valued at $856,254,000 after purchasing an additional 91,829 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Price Performance

Arista Networks stock opened at $259.42 on Thursday. Arista Networks, Inc. has a 1-year low of $131.68 and a 1-year high of $307.74. The firm has a market capitalization of $81.10 billion, a P/E ratio of 39.49, a price-to-earnings-growth ratio of 2.24 and a beta of 1.09. The company’s 50-day moving average is $281.39 and its 200 day moving average is $244.06.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the company posted $1.25 EPS. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. Research analysts anticipate that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Jayshree Ullal sold 87,418 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $284.31, for a total transaction of $5,686,200.00. Following the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $922,301.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 87,418 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $4,929,639.61. The disclosure for this sale can be found here. Insiders have sold 342,415 shares of company stock valued at $98,017,152 in the last ninety days. 18.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on ANET. Evercore ISI reissued an “outperform” rating and set a $300.00 price objective on shares of Arista Networks in a report on Wednesday, March 27th. Morgan Stanley increased their price objective on shares of Arista Networks from $230.00 to $272.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Piper Sandler increased their price target on shares of Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a report on Tuesday, February 13th. KeyCorp increased their price target on shares of Arista Networks from $232.00 to $287.00 and gave the company an “overweight” rating in a report on Thursday, January 18th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $325.00 price target on shares of Arista Networks in a report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $275.59.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.