Arista Networks, Inc. $ANET Stake Reduced by Montecito Bank & Trust

Montecito Bank & Trust trimmed its stake in Arista Networks, Inc. (NYSE:ANET) by 33.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 7,740 shares of the technology company’s stock after selling 3,896 shares during the quarter. Montecito Bank & Trust’s holdings in Arista Networks were worth $1,014,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ANET. Brighton Jones LLC grew its position in shares of Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in Arista Networks in the 4th quarter valued at about $202,000. Bison Wealth LLC bought a new stake in Arista Networks in the 4th quarter valued at about $251,000. Sivia Capital Partners LLC boosted its stake in Arista Networks by 48.4% during the 2nd quarter. Sivia Capital Partners LLC now owns 10,723 shares of the technology company’s stock valued at $1,097,000 after purchasing an additional 3,496 shares during the period. Finally, AlphaCore Capital LLC bought a new position in Arista Networks in the 2nd quarter worth about $78,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity

In other news, insider Kenneth Duda sold 32,000 shares of the business’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $134.14, for a total value of $4,292,480.00. Following the sale, the insider owned 12,976 shares of the company’s stock, valued at approximately $1,740,600.64. The trade was a 71.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Yvonne Wassenaar sold 1,815 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $132.44, for a total value of $240,378.60. Following the completion of the sale, the director owned 12,574 shares of the company’s stock, valued at approximately $1,665,300.56. This trade represents a 12.61% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 199,632 shares of company stock worth $26,936,324. 3.54% of the stock is owned by company insiders.

Arista Networks Price Performance

Arista Networks stock opened at $135.98 on Tuesday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94. The stock has a market capitalization of $170.87 billion, a PE ratio of 49.27, a price-to-earnings-growth ratio of 2.32 and a beta of 1.46. The firm has a 50 day simple moving average of $135.61 and a 200-day simple moving average of $137.24.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.75 by $0.07. The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The firm’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.66 earnings per share. On average, analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. KeyCorp restated an “overweight” rating and issued a $178.00 price target (up from $170.00) on shares of Arista Networks in a research note on Friday, February 13th. Wells Fargo & Company raised their target price on Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, February 13th. Evercore reaffirmed an “outperform” rating and set a $200.00 target price on shares of Arista Networks in a research note on Friday, February 13th. Barclays reiterated an “overweight” rating and set a $184.00 price target (up from $183.00) on shares of Arista Networks in a research report on Friday, February 13th. Finally, Rosenblatt Securities increased their price target on Arista Networks from $140.00 to $165.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Eighteen 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, the stock presently has an average rating of “Moderate Buy” and an average price target of $176.47.

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.