Sowell Financial Services LLC Increases Stock Holdings in Arista Networks, Inc. $ANET

Sowell Financial Services LLC boosted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 67.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 13,125 shares of the technology company’s stock after purchasing an additional 5,306 shares during the period. Sowell Financial Services LLC’s holdings in Arista Networks were worth $1,912,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ANET. Norges Bank bought a new position in shares of Arista Networks in the second quarter worth $1,228,177,000. AQR Capital Management LLC grew its position in Arista Networks by 153.8% during the first quarter. AQR Capital Management LLC now owns 7,719,809 shares of the technology company’s stock worth $584,119,000 after buying an additional 4,678,372 shares in the last quarter. Nordea Investment Management AB increased its stake in Arista Networks by 193.3% in the 2nd quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock worth $721,342,000 after acquiring an additional 4,656,021 shares during the last quarter. Holocene Advisors LP purchased a new stake in shares of Arista Networks in the 2nd quarter valued at about $247,451,000. Finally, Amundi boosted its position in shares of Arista Networks by 35.3% during the 1st quarter. Amundi now owns 8,582,109 shares of the technology company’s stock valued at $611,852,000 after acquiring an additional 2,240,045 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ANET shares. UBS Group restated a “buy” rating and issued a $155.00 price objective on shares of Arista Networks in a research report on Wednesday, December 3rd. Citigroup increased their price target on shares of Arista Networks from $136.00 to $176.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $140.00 price objective on shares of Arista Networks in a report on Monday, November 24th. Piper Sandler reissued a “neutral” rating and issued a $145.00 target price (up previously from $143.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Finally, JPMorgan Chase & Co. raised their price target on Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Seventeen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $163.56.

Arista Networks Stock Up 1.7%

Shares of NYSE:ANET opened at $134.11 on Tuesday. The stock has a market cap of $168.88 billion, a PE ratio of 50.99, a PEG ratio of 2.52 and a beta of 1.41. The company’s fifty day moving average is $134.76 and its 200 day moving average is $129.71. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The company’s revenue was up 27.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.40 earnings per share. Sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $128.09, for a total value of $1,024,720.00. Following the completion of the sale, the director owned 25,784 shares in the company, valued at approximately $3,302,672.56. The trade was a 23.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total value of $2,994,431.10. Following the sale, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. This trade represents a 70.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 216,464 shares of company stock worth $28,598,588 in the last ninety days. 3.54% of the stock is owned by 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.