SVB Wealth LLC Has $2.49 Million Stock Position in Arista Networks, Inc. $ANET

SVB Wealth LLC reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 30.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,076 shares of the technology company’s stock after selling 7,602 shares during the quarter. SVB Wealth LLC’s holdings in Arista Networks were worth $2,488,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Arista Networks in the second quarter valued at about $1,228,177,000. Massachusetts Financial Services Co. MA raised its holdings in Arista Networks by 2,829.0% in the 3rd 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 in the last quarter. Nordea Investment Management AB lifted its position in shares of Arista Networks by 193.3% in the 2nd quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock worth $721,342,000 after acquiring an additional 4,656,021 shares during the period. Holocene Advisors LP acquired a new stake in shares of Arista Networks during the 2nd quarter worth approximately $247,451,000. Finally, Schroder Investment Management Group increased its position in shares of 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 valued at $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.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the sale, the chief executive officer owned 9,917 shares in the company, valued at approximately $1,235,162.35. This represents a 70.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $140.43, for a total value of $1,123,440.00. Following the completion of the transaction, the director directly owned 9,784 shares of the company’s stock, valued at $1,373,967.12. This represents a 44.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 216,464 shares of company stock valued at $27,553,548. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Price Performance

Shares of ANET opened at $143.71 on Wednesday. The company has a market capitalization of $180.97 billion, a P/E ratio of 54.64, a PEG ratio of 2.39 and a beta of 1.42. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94. The business’s 50 day simple moving average is $132.39 and its 200-day simple moving average is $136.68.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ANET. Barclays reaffirmed an “overweight” rating and issued a $183.00 target price (up from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and upped their target price for the company from $145.00 to $159.00 in a research note on Monday, January 5th. UBS Group restated a “buy” rating and set a $155.00 price target on shares of Arista Networks in a research note on Wednesday, December 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Finally, Rosenblatt Securities increased their target price on Arista Networks from $140.00 to $165.00 and gave the stock a “neutral” rating in a report on Tuesday. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $166.00.

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.