Arista Networks, Inc. $ANET Shares Bought by National Bank of Canada FI

National Bank of Canada FI raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 22.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,083,773 shares of the technology company’s stock after purchasing an additional 195,958 shares during the quarter. National Bank of Canada FI owned 0.09% of Arista Networks worth $157,916,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Bare Financial Services Inc boosted its position in Arista Networks by 2,118.2% in the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after buying an additional 233 shares during the last quarter. AdvisorNet Financial Inc increased its holdings in Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after buying an additional 72 shares during the period. Knuff & Co LLC purchased a new position in Arista Networks during the 3rd quarter worth approximately $29,000. Richardson Financial Services Inc. raised its position in Arista Networks by 141.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after buying an additional 130 shares during the last quarter. Finally, SJS Investment Consulting Inc. lifted its stake in Arista Networks by 979.2% during the 3rd quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after acquiring an additional 235 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Price Performance

NYSE:ANET opened at $135.37 on Tuesday. The company has a 50 day moving average price of $134.82 and a 200-day moving average price of $137.34. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94. The firm has a market cap of $170.09 billion, a price-to-earnings ratio of 49.05, a price-to-earnings-growth ratio of 2.37 and a beta of 1.46.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. The firm had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.66 earnings per share. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Kenneth Duda sold 32,000 shares of Arista Networks stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $142.44, for a total value of $4,558,080.00. Following the completion of the transaction, the insider owned 12,976 shares in the company, valued at $1,848,301.44. The trade was a 71.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Yvonne Wassenaar sold 1,815 shares of Arista Networks stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $132.44, for a total value of $240,378.60. Following the completion of the transaction, the director owned 12,574 shares of the company’s stock, valued at approximately $1,665,300.56. This represents a 12.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 196,237 shares of company stock worth $25,865,760. Company insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Rosenblatt Securities upped their price objective on shares of Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a report on Tuesday, February 10th. Piper Sandler reissued an “overweight” rating and set a $175.00 target price (up from $159.00) on shares of Arista Networks in a report on Friday, February 13th. UBS Group set a $200.00 target price on shares of Arista Networks in a research report on Tuesday, February 24th. Needham & Company LLC upped their price target on shares of Arista Networks from $165.00 to $185.00 and gave the company a “buy” rating in a report on Friday, February 13th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $178.00 price target (up from $170.00) on shares of Arista Networks in a research report on Friday, February 13th. Eighteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $176.47.

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.