Truist Financial Corp Grows Holdings in Arista Networks, Inc. $ANET

Truist Financial Corp boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 12.7% in the third quarter, HoldingsChannel reports. The fund owned 741,735 shares of the technology company’s stock after acquiring an additional 83,484 shares during the period. Truist Financial Corp’s holdings in Arista Networks were worth $108,078,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ANET. Brighton Jones LLC boosted its position in shares of Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after purchasing an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in Arista Networks during the 4th quarter valued at approximately $202,000. Bison Wealth LLC purchased a new position in Arista Networks during the fourth quarter valued at $251,000. Sivia Capital Partners LLC boosted its holdings in Arista Networks by 48.4% in the second quarter. Sivia Capital Partners LLC now owns 10,723 shares of the technology company’s stock worth $1,097,000 after acquiring an additional 3,496 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of Arista Networks by 137.0% in the second quarter. Janney Montgomery Scott LLC now owns 310,166 shares of the technology company’s stock worth $31,733,000 after acquiring an additional 179,286 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $133.79, for a total value of $1,070,320.00. Following the transaction, the director directly owned 17,784 shares in the company, valued at $2,379,321.36. This trade represents a 31.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total value 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. The trade was a 70.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 216,464 shares of company stock valued at $27,687,068 in the last ninety days. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Up 2.5%

Shares of NYSE ANET opened at $150.31 on Thursday. The firm’s 50-day moving average price is $129.93 and its 200-day moving average price is $134.76. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The company has a market cap of $189.28 billion, a PE ratio of 57.15, a PEG ratio of 2.47 and a beta of 1.41.

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

Analysts Set New Price Targets

ANET has been the subject of several recent analyst reports. Zacks Research lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Piper Sandler upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $145.00 to $159.00 in a research note on Monday, January 5th. Morgan Stanley decreased their target price on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Finally, Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.44.

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.