Arista Networks, Inc. $ANET Shares Sold by Paragon Advisors LLC

Paragon Advisors LLC decreased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 23.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,843 shares of the technology company’s stock after selling 11,199 shares during the period. Arista Networks comprises approximately 1.3% of Paragon Advisors LLC’s holdings, making the stock its 15th biggest holding. Paragon Advisors LLC’s holdings in Arista Networks were worth $5,223,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ANET. Global Trust Asset Management LLC raised its position 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 period. SteelPeak Wealth LLC grew its stake in Arista Networks by 23.8% during the 2nd quarter. SteelPeak Wealth LLC now owns 40,404 shares of the technology company’s stock worth $4,134,000 after buying an additional 7,779 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in Arista Networks in the third quarter worth $8,263,000. National Wealth Management Group LLC acquired a new stake in Arista Networks in the third quarter worth $1,296,000. Finally, Penobscot Investment Management Company Inc. lifted its stake in Arista Networks by 7.8% in the second quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock valued at $3,998,000 after buying an additional 2,815 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of ANET stock opened at $150.31 on Thursday. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94. The business’s fifty day moving average is $129.93 and its 200-day moving average is $134.76. The stock has a market cap of $189.28 billion, a PE ratio of 57.15, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share 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 return on equity of 30.28% and a net margin of 39.73%.The company’s revenue was up 27.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.40 earnings per share. Equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Zacks Research cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Barclays reaffirmed an “overweight” rating and set a $183.00 price target (up previously from $179.00) on shares of Arista Networks in a report on Wednesday, November 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. UBS Group reaffirmed a “buy” rating and set a $155.00 target price on shares of Arista Networks in a research note on Wednesday, December 3rd. Finally, Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $145.00 to $159.00 in a research report on Monday, January 5th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $164.44.

Insider Activity

In related news, 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 transaction of $2,994,431.10. Following the completion of the sale, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. This represents a 70.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $128.61, for a total transaction of $3,858,300.00. Following the completion of the transaction, the insider owned 12,976 shares in the company, valued at approximately $1,668,843.36. This trade represents a 69.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 216,464 shares of company stock worth $27,687,068. Corporate insiders own 3.54% of the company’s stock.

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.