Madison Asset Management LLC Sells 493,789 Shares of Arista Networks, Inc. $ANET

Madison Asset Management LLC decreased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 40.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 728,558 shares of the technology company’s stock after selling 493,789 shares during the quarter. Arista Networks makes up approximately 1.2% of Madison Asset Management LLC’s portfolio, making the stock its 24th biggest position. Madison Asset Management LLC owned 0.06% of Arista Networks worth $106,158,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Walkner Condon Financial Advisors LLC lifted its holdings in shares of Arista Networks by 0.4% during the third quarter. Walkner Condon Financial Advisors LLC now owns 18,509 shares of the technology company’s stock worth $2,697,000 after purchasing an additional 70 shares during the period. AdvisorNet Financial Inc boosted its position in Arista Networks by 56.7% during the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after acquiring an additional 72 shares during the last quarter. Crown Wealth Group LLC grew its holdings in Arista Networks by 2.4% during the 3rd quarter. Crown Wealth Group LLC now owns 3,175 shares of the technology company’s stock worth $463,000 after acquiring an additional 75 shares during the period. Fragasso Financial Advisors Inc lifted its stake in shares of Arista Networks by 1.8% in the 3rd quarter. Fragasso Financial Advisors Inc now owns 4,237 shares of the technology company’s stock valued at $616,000 after purchasing an additional 76 shares during the period. Finally, Stablepoint Partners LLC grew its stake in Arista Networks by 0.8% during the second quarter. Stablepoint Partners LLC now owns 9,406 shares of the technology company’s stock worth $962,000 after purchasing an additional 77 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the completion of the transaction, the director directly owned 9,784 shares in the company, valued at $1,373,967.12. This trade represents a 44.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kenneth Duda sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total transaction of $3,694,800.00. Following the completion of the transaction, the insider owned 12,976 shares in the company, valued at $1,598,124.16. This trade represents a 69.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 216,464 shares of company stock valued at $27,553,548. Insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Morgan Stanley lowered their target price on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a report on Wednesday, December 17th. UBS Group restated a “buy” rating and issued a $155.00 target price on shares of Arista Networks in a report on Wednesday, December 3rd. Finally, Erste Group Bank lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $166.00.

Arista Networks Price Performance

ANET stock opened at $143.71 on Wednesday. The stock has a market cap of $180.97 billion, a price-to-earnings ratio of 54.64, a P/E/G ratio of 2.39 and a beta of 1.42. The company has a 50 day simple moving average of $132.39 and a 200 day simple moving average of $136.68. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94.

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.