Rhumbline Advisers Sells 31,776 Shares of Arista Networks, Inc. $ANET

Rhumbline Advisers decreased its stake in Arista Networks, Inc. (NYSE:ANET) by 1.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,852,492 shares of the technology company’s stock after selling 31,776 shares during the period. Rhumbline Advisers’ holdings in Arista Networks were worth $269,926,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Arista Networks by 1.2% during the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after buying an additional 1,136,167 shares in the last quarter. Cresset Asset Management LLC raised its stake in shares of Arista Networks by 1.0% in the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock valued at $2,698,362,000 after buying an additional 263,272 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 worth $2,606,694,000 after acquiring an additional 128,977 shares during the period. Norges Bank acquired a new position in Arista Networks in the second quarter worth about $1,228,177,000. Finally, Schroder Investment Management Group lifted its stake in Arista Networks by 14.8% during the second quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock worth $1,073,654,000 after purchasing an additional 1,350,593 shares during the period. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Up 1.4%

Shares of NYSE ANET opened at $143.71 on Wednesday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94. The stock has a fifty day simple moving average of $132.39 and a two-hundred day simple moving average of $136.68. The firm has a market cap of $180.97 billion, a price-to-earnings ratio of 54.64, a price-to-earnings-growth ratio of 2.39 and a beta of 1.42.

Insider Activity

In related news, CEO Jayshree Ullal sold 24,042 shares of the firm’s 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 owned 9,917 shares of the company’s stock, valued at $1,235,162.35. This trade represents a 70.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the sale, the director owned 9,784 shares of the company’s stock, valued at $1,373,967.12. This trade represents a 44.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 216,464 shares of company stock valued at $27,553,548. Insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the subject of a number of research analyst reports. Rosenblatt Securities lifted their price target on Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a report on Tuesday. Morgan Stanley cut their price target on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Barclays reiterated 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. Finally, Piper Sandler raised 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. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $166.00.

Arista Networks Company 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.