Renaissance Group LLC Trims Position in Arista Networks, Inc. $ANET

Renaissance Group LLC cut its position in shares of Arista Networks, Inc. (NYSE:ANET) by 10.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 321,021 shares of the technology company’s stock after selling 37,864 shares during the period. Arista Networks makes up about 1.8% of Renaissance Group LLC’s portfolio, making the stock its 5th biggest holding. Renaissance Group LLC’s holdings in Arista Networks were worth $46,776,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ANET. Walkner Condon Financial Advisors LLC boosted its position in shares of Arista Networks by 0.4% during the 3rd quarter. Walkner Condon Financial Advisors LLC now owns 18,509 shares of the technology company’s stock valued at $2,697,000 after acquiring an additional 70 shares during the last quarter. AdvisorNet Financial Inc increased its position in Arista Networks by 56.7% in the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after purchasing an additional 72 shares during the last quarter. Crown Wealth Group LLC raised its stake in Arista Networks by 2.4% during the third quarter. Crown Wealth Group LLC now owns 3,175 shares of the technology company’s stock valued at $463,000 after purchasing an additional 75 shares in the last quarter. Fragasso Financial Advisors Inc lifted its position in Arista Networks by 1.8% during the third quarter. Fragasso Financial Advisors Inc now owns 4,237 shares of the technology company’s stock valued at $616,000 after purchasing an additional 76 shares during the last quarter. Finally, Stablepoint Partners LLC grew its stake in shares of Arista Networks by 0.8% in the 2nd quarter. Stablepoint Partners LLC now owns 9,406 shares of the technology company’s stock worth $962,000 after buying an additional 77 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

ANET has been the topic of several recent research reports. Rosenblatt Securities restated a “neutral” rating and set a $140.00 target price on shares of Arista Networks in a research report on Monday, November 24th. Erste Group Bank lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $145.00 to $159.00 in a research report on Monday, January 5th. UBS Group reaffirmed a “buy” rating and issued a $155.00 price objective on shares of Arista Networks in a research note on Wednesday, December 3rd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and a consensus price target of $164.44.

Arista Networks Price Performance

Shares of NYSE ANET opened at $137.50 on Friday. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94. The firm has a 50-day simple moving average of $131.78 and a two-hundred day simple moving average of $135.93. The company has a market cap of $173.15 billion, a P/E ratio of 52.28, a PEG ratio of 2.17 and a beta of 1.42.

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

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $140.43, for a total value of $1,123,440.00. Following the transaction, the director owned 9,784 shares of the company’s stock, valued at $1,373,967.12. This represents a 44.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kenneth Duda sold 30,000 shares of the stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total value of $3,694,800.00. Following the completion of the sale, the insider owned 12,976 shares in the company, valued at approximately $1,598,124.16. The trade was a 69.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 216,464 shares of company stock worth $27,553,548 in the last quarter. 3.39% of the stock is 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.