Arista Networks, Inc. $ANET Shares Sold by Summit Global Investments

Summit Global Investments cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 30.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,381 shares of the technology company’s stock after selling 40,065 shares during the quarter. Arista Networks makes up approximately 0.8% of Summit Global Investments’ portfolio, making the stock its 16th largest holding. Summit Global Investments’ holdings in Arista Networks were worth $13,461,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ANET. Norges Bank purchased a new position in Arista Networks during the second quarter worth $1,228,177,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Arista Networks by 2,829.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock valued at $833,630,000 after acquiring an additional 5,525,828 shares during the last quarter. Nordea Investment Management AB increased its position in Arista Networks by 193.3% during the 2nd quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock worth $721,342,000 after purchasing an additional 4,656,021 shares in the last quarter. Holocene Advisors LP acquired a new position in Arista Networks in the 2nd quarter valued at about $247,451,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in Arista Networks by 123.0% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 3,068,064 shares of the technology company’s stock valued at $313,894,000 after purchasing an additional 1,692,467 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ANET. Barclays reaffirmed an “overweight” rating and set a $183.00 price target (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Morgan Stanley decreased their target price on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. UBS Group reiterated a “buy” rating and issued a $155.00 price target on shares of Arista Networks in a report on Wednesday, December 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Finally, Zacks Research cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $164.44.

Arista Networks Stock Down 1.4%

Shares of NYSE ANET opened at $148.11 on Friday. The stock has a market capitalization of $186.51 billion, a PE ratio of 56.31, a P/E/G ratio of 2.53 and a beta of 1.41. The firm has a fifty day moving average of $130.50 and a 200-day moving average of $134.85. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94.

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

Insider Activity

In other Arista Networks news, 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 transaction of $2,994,431.10. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kenneth Duda sold 30,000 shares of the business’s 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 sale, the insider owned 12,976 shares of the company’s stock, valued at approximately $1,668,843.36. This represents a 69.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 216,464 shares of company stock valued at $27,687,068 in the last three months. Corporate insiders own 3.39% 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.