SteelPeak Wealth LLC Sells 11,183 Shares of Arista Networks, Inc. $ANET

SteelPeak Wealth LLC lessened its position in shares of Arista Networks, Inc. (NYSE:ANET) by 27.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,221 shares of the technology company’s stock after selling 11,183 shares during the quarter. SteelPeak Wealth LLC’s holdings in Arista Networks were worth $4,258,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ANET. Vanguard Group Inc. lifted its holdings 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 valued at $10,127,984,000 after purchasing an additional 1,136,167 shares during the last quarter. Cresset Asset Management LLC grew its stake in Arista Networks by 1.0% during the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock worth $2,698,362,000 after buying an additional 263,272 shares during the last quarter. Geode Capital Management LLC increased its position in Arista Networks by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after buying an additional 128,977 shares in the last quarter. Norges Bank acquired a new position in Arista Networks during the 2nd quarter valued at about $1,228,177,000. Finally, Schroder Investment Management Group raised its stake in Arista Networks by 14.8% in the second quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock valued at $1,073,654,000 after buying an additional 1,350,593 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Down 1.1%

ANET opened at $130.97 on Friday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94. The firm has a 50 day moving average of $133.75 and a two-hundred day moving average of $130.00. The firm has a market capitalization of $164.93 billion, a PE ratio of 49.80, a P/E/G ratio of 2.51 and a beta of 1.41.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ANET shares. Wells Fargo & Company boosted their price target on Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Evercore ISI boosted their target price on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Citigroup upped their price target on shares of Arista Networks from $136.00 to $176.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Piper Sandler reiterated a “neutral” rating and set a $145.00 price objective (up from $143.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Finally, BNP Paribas raised shares of Arista Networks from a “hold” rating to an “outperform” rating in a report on Thursday, September 25th. Seventeen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $163.56.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $128.09, for a total transaction of $1,024,720.00. Following the sale, the director directly owned 25,784 shares of the company’s stock, valued at $3,302,672.56. This trade represents a 23.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 24,042 shares of Arista Networks 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 transaction, the chief executive officer owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. This represents a 70.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 208,464 shares of company stock valued at $27,418,668 over the last quarter. 3.39% of the stock is currently owned by company 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.