Arista Networks, Inc. $ANET Stock Position Lowered by Renaissance Group LLC

Renaissance Group LLC lessened its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 10.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 321,021 shares of the technology company’s stock after selling 37,864 shares during the period. Arista Networks accounts for about 1.8% of Renaissance Group LLC’s investment portfolio, making the stock its 5th biggest holding. Renaissance Group LLC’s holdings in Arista Networks were worth $46,776,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Global Trust Asset Management LLC raised its holdings in shares of Arista Networks by 33.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock valued at $2,808,000 after purchasing an additional 4,780 shares in the last quarter. Rakuten Investment Management Inc. purchased a new position in Arista Networks during the third quarter valued at approximately $8,263,000. National Wealth Management Group LLC purchased a new position in Arista Networks during the third quarter valued at approximately $1,296,000. Vanguard Group Inc. raised its stake in Arista Networks by 1.2% in the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after buying an additional 1,136,167 shares in the last quarter. Finally, Holocene Advisors LP purchased a new stake in Arista Networks during the second quarter worth $247,451,000. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 422 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $117.15, for a total value of $49,437.30. Following the completion of the transaction, the director owned 8,980 shares of the company’s stock, valued at approximately $1,052,007. This trade represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the sale, the chief executive officer owned 9,917 shares of the company’s stock, valued at $1,235,162.35. The trade was a 70.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 216,464 shares of company stock valued at $27,553,548 over the last 90 days. Company insiders own 3.39% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $137.50 on Friday. The business’s 50-day moving average is $131.78 and its 200 day moving average is $135.93. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94. The firm has a market capitalization of $173.15 billion, a P/E ratio of 52.28, a P/E/G ratio of 2.17 and a beta of 1.42.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter in the previous year, the firm earned $2.40 earnings per share. The company’s revenue was up 27.5% on a year-over-year basis. On average, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Morgan Stanley dropped their target price on Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Barclays reiterated an “overweight” rating and issued a $183.00 target price (up from $179.00) on shares of Arista Networks in a report on Wednesday, November 5th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $140.00 price target on shares of Arista Networks in a report on Monday, November 24th. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $164.44.

Arista Networks 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.