Meeder Asset Management Inc. Cuts Holdings in Arista Networks, Inc. $ANET

Meeder Asset Management Inc. decreased its position in Arista Networks, Inc. (NYSE:ANET) by 90.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,439 shares of the technology company’s stock after selling 13,809 shares during the period. Meeder Asset Management Inc.’s holdings in Arista Networks were worth $210,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. SteelPeak Wealth LLC raised its position in Arista Networks by 23.8% in the second quarter. SteelPeak Wealth LLC now owns 40,404 shares of the technology company’s stock worth $4,134,000 after acquiring an additional 7,779 shares during the period. Penobscot Investment Management Company Inc. grew its position in shares of Arista Networks by 7.8% during the 2nd quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock valued at $3,998,000 after acquiring an additional 2,815 shares during the period. Vanguard Group Inc. increased its stake in shares of Arista Networks by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after purchasing an additional 1,136,167 shares during the last quarter. Holocene Advisors LP bought a new stake in shares of Arista Networks in the 2nd quarter worth approximately $247,451,000. Finally, Soltis Investment Advisors LLC raised its holdings in shares of Arista Networks by 99.3% in the 2nd quarter. Soltis Investment Advisors LLC now owns 40,428 shares of the technology company’s stock worth $4,136,000 after purchasing an additional 20,141 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 422 shares of the business’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $117.15, for a total transaction of $49,437.30. Following the completion of the transaction, the director owned 8,980 shares of the company’s stock, valued at approximately $1,052,007. The trade was a 4.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kenneth Duda sold 26,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total transaction of $3,202,160.00. Following the completion of the sale, the insider directly owned 532,400 shares in the company, valued at $65,570,384. This represents a 4.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 216,464 shares of company stock worth $28,488,988. Insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

ANET has been the subject of several research reports. Rosenblatt Securities reissued a “neutral” rating and set a $140.00 price objective on shares of Arista Networks in a report on Monday, November 24th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. UBS Group reissued a “buy” rating and issued a $155.00 price objective on shares of Arista Networks in a report on Wednesday, December 3rd. Barclays restated an “overweight” rating and issued a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Finally, Morgan Stanley cut their target price on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research report on Wednesday, December 17th. Eighteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $164.44.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $123.34 on Tuesday. The firm has a fifty day moving average price of $129.74 and a two-hundred day moving average price of $132.31. The company has a market cap of $155.32 billion, a price-to-earnings ratio of 46.90, a PEG ratio of 2.07 and a beta of 1.41. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The firm’s revenue was up 27.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.40 earnings per share. Equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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.