Arista Networks, Inc. $ANET Shares Sold by Korea Investment CORP

Korea Investment CORP lowered its position in shares of Arista Networks, Inc. (NYSE:ANET) by 13.6% in the third quarter, Holdings Channel reports. The firm owned 860,237 shares of the technology company’s stock after selling 135,854 shares during the period. Korea Investment CORP’s holdings in Arista Networks were worth $125,345,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Walkner Condon Financial Advisors LLC raised its position in shares of Arista Networks by 0.4% during 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 boosted its position in Arista Networks by 56.7% during the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares during the period. Crown Wealth Group LLC grew its stake 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 buying an additional 75 shares during the last quarter. Fragasso Financial Advisors Inc grew its stake in Arista Networks by 1.8% during the 3rd quarter. Fragasso Financial Advisors Inc now owns 4,237 shares of the technology company’s stock worth $616,000 after buying an additional 76 shares during the last quarter. Finally, West Family Investments Inc. increased its position in 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. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the topic of a number of recent research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $188.00 price objective (up from $165.00) on shares of Arista Networks in a report on Friday, February 13th. KeyCorp reiterated an “overweight” rating and issued a $178.00 price objective (up from $170.00) on shares of Arista Networks in a research report on Friday, February 13th. Evercore reissued an “outperform” rating and set a $200.00 target price on shares of Arista Networks in a research note on Friday, February 13th. Finally, Piper Sandler restated an “overweight” rating and issued a $175.00 target price (up from $159.00) on shares of Arista Networks in a research report on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average target price of $176.88.

Arista Networks Price Performance

Arista Networks stock opened at $133.15 on Friday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94. The stock has a market capitalization of $167.31 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 2.36 and a beta of 1.46. The firm has a 50 day simple moving average of $134.45 and a 200-day simple moving average of $137.19.

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

Insider Transactions at Arista Networks

In other news, insider Kenneth Duda sold 26,000 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $142.35, for a total value of $3,701,100.00. Following the completion of the sale, the insider owned 512,400 shares in the company, valued at $72,940,140. This represents a 4.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.67, for a total value of $1,029,360.00. Following the transaction, the director directly owned 1,784 shares of the company’s stock, valued at $229,547.28. This represents a 81.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 196,237 shares of company stock worth $25,865,760 over the last 90 days. 3.39% of the stock is currently owned by corporate insiders.

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.