Orion Porfolio Solutions LLC Purchases 5,393 Shares of Arista Networks, Inc. $ANET

Orion Porfolio Solutions LLC lifted its position in Arista Networks, Inc. (NYSE:ANET) by 13.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,322 shares of the technology company’s stock after acquiring an additional 5,393 shares during the quarter. Orion Porfolio Solutions LLC’s holdings in Arista Networks were worth $6,604,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Global Trust Asset Management LLC lifted its stake in shares of Arista Networks by 33.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock worth $2,808,000 after purchasing an additional 4,780 shares during the last quarter. Rakuten Investment Management Inc. bought a new position in Arista Networks in the third quarter worth about $8,263,000. National Wealth Management Group LLC bought a new position in Arista Networks in the third quarter worth about $1,296,000. Vanguard Group Inc. lifted its position in shares of Arista Networks by 1.2% during the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after buying an additional 1,136,167 shares during the last quarter. Finally, Holocene Advisors LP bought a new stake in shares of Arista Networks in the 2nd quarter valued at about $247,451,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Yvonne Wassenaar sold 1,815 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total value of $240,378.60. Following the transaction, the director directly owned 12,574 shares of the company’s stock, valued at approximately $1,665,300.56. This represents a 12.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $1,123,440.00. Following the completion of the transaction, the director owned 9,784 shares of the company’s stock, valued at approximately $1,373,967.12. The trade was a 44.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 196,237 shares of company stock worth $25,865,760 in the last 90 days. Insiders own 3.39% of the company’s stock.

Arista Networks Stock Down 4.5%

ANET stock opened at $133.15 on Friday. The stock has a market capitalization of $167.31 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 2.47 and a beta of 1.46. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The firm has a 50 day moving average of $134.45 and a 200 day moving average of $137.15.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. The business had revenue of $2.49 billion for 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 revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.66 EPS. On average, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Piper Sandler reiterated an “overweight” rating and set a $175.00 price objective (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Wells Fargo & Company raised their target price on shares of Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a research note on Friday, February 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. KeyCorp reiterated an “overweight” rating and set a $178.00 price objective (up from $170.00) on shares of Arista Networks in a report on Friday, February 13th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $188.00 price objective (up from $165.00) on shares of Arista Networks in a research report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $176.88.

Arista Networks Company 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.