Arista Networks, Inc. $ANET is Cresset Asset Management LLC’s Largest Position

Cresset Asset Management LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,374,373 shares of the technology company’s stock after purchasing an additional 263,272 shares during the quarter. Arista Networks comprises 11.7% of Cresset Asset Management LLC’s portfolio, making the stock its biggest holding. Cresset Asset Management LLC’s holdings in Arista Networks were worth $2,698,362,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bare Financial Services Inc lifted its holdings in shares of Arista Networks by 2,118.2% in the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after buying an additional 233 shares in the last quarter. Saudi Central Bank purchased a new position in Arista Networks during the first quarter valued at $33,000. REAP Financial Group LLC increased its holdings in Arista Networks by 108.0% in the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after acquiring an additional 175 shares during the last quarter. Costello Asset Management INC lifted its stake in Arista Networks by 51.3% in the 1st quarter. Costello Asset Management INC now owns 454 shares of the technology company’s stock worth $35,000 after purchasing an additional 154 shares in the last quarter. Finally, eCIO Inc. bought a new position in shares of Arista Networks during the 1st quarter valued at about $36,000. 82.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 1,247,688 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $148.53, for a total transaction of $185,319,098.64. Following the transaction, the chief executive officer directly owned 5,383,207 shares in the company, valued at approximately $799,567,735.71. This represents a 18.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 58,000 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $148.42, for a total transaction of $8,608,360.00. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,578,700 shares of company stock valued at $231,687,618. Company insiders own 3.39% of the company’s stock.

Arista Networks Stock Performance

NYSE ANET opened at $128.47 on Friday. The company has a market cap of $161.78 billion, a P/E ratio of 48.85, a P/E/G ratio of 2.46 and a beta of 1.41. The business’s 50 day moving average price is $140.79 and its 200-day moving average price is $124.92. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period last year, the company earned $2.40 earnings per share. Arista Networks’s revenue was up 27.5% on a year-over-year basis. As a group, equities analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $145.00 target price (up from $143.00) on shares of Arista Networks in a report on Wednesday, November 5th. JPMorgan Chase & Co. raised their price target on Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, September 12th. UBS Group reaffirmed a “buy” rating and set a $155.00 price objective on shares of Arista Networks in a report on Wednesday. Evercore ISI increased their target price on Arista Networks from $150.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. Finally, The Goldman Sachs Group boosted their price target on shares of Arista Networks from $155.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Eighteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $164.31.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.