Varenne Capital Partners Sells 71,481 Shares of Arista Networks, Inc. $ANET

Varenne Capital Partners cut its position in shares of Arista Networks, Inc. (NYSE:ANET) by 13.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 444,004 shares of the technology company’s stock after selling 71,481 shares during the quarter. Arista Networks accounts for 12.3% of Varenne Capital Partners’ portfolio, making the stock its 3rd largest position. Varenne Capital Partners’ holdings in Arista Networks were worth $64,696,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Walkner Condon Financial Advisors LLC boosted its stake in Arista Networks by 0.4% in the 3rd 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 lifted its holdings in shares of Arista Networks by 56.7% in the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares in the last quarter. Crown Wealth Group LLC lifted its holdings in shares of Arista Networks by 2.4% in the third quarter. Crown Wealth Group LLC now owns 3,175 shares of the technology company’s stock valued at $463,000 after purchasing an additional 75 shares in the last quarter. West Family Investments Inc. boosted its position in shares of Arista Networks by 0.9% in the third quarter. West Family Investments Inc. now owns 8,364 shares of the technology company’s stock worth $1,219,000 after buying an additional 76 shares during the period. Finally, Fragasso Financial Advisors Inc grew its holdings in shares of Arista Networks by 1.8% during the third quarter. Fragasso Financial Advisors Inc now owns 4,237 shares of the technology company’s stock valued at $616,000 after buying an additional 76 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Down 3.7%

ANET stock opened at $124.55 on Wednesday. The firm has a 50 day moving average of $134.19 and a two-hundred day moving average of $137.19. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94. The company has a market capitalization of $156.50 billion, a price-to-earnings ratio of 45.13, a P/E/G ratio of 2.29 and a beta of 1.46.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.07. The business had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. Arista Networks’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 EPS. On average, research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on ANET shares. Barclays restated an “overweight” rating and set a $184.00 price objective (up from $183.00) on shares of Arista Networks in a research report on Friday, February 13th. UBS Group set a $200.00 price target on shares of Arista Networks in a report on Tuesday, February 24th. Erste Group Bank lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. The Goldman Sachs Group reiterated a “buy” rating and issued a $188.00 target price (up from $165.00) on shares of Arista Networks in a research report on Friday, February 13th. Finally, Morgan Stanley reissued an “overweight” rating and set a $165.00 target price on shares of Arista Networks in a research note on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $176.88.

Insider Buying and Selling

In other news, Director Yvonne Wassenaar sold 1,815 shares of the company’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total transaction of $240,378.60. Following the completion of the sale, the director owned 12,574 shares in the company, valued at approximately $1,665,300.56. This represents a 12.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kenneth Duda sold 26,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $142.35, for a total value of $3,701,100.00. Following the completion of the transaction, the insider directly owned 512,400 shares in the company, valued at $72,940,140. The trade was a 4.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 188,237 shares of company stock worth $24,836,400 over the last ninety days. 3.54% of the stock is currently owned by corporate insiders.

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.