First Citizens Bank & Trust Co. Purchases Shares of 992 Arista Networks, Inc. (NYSE:ANET)

First Citizens Bank & Trust Co. purchased a new stake in Arista Networks, Inc. (NYSE:ANETFree Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 992 shares of the technology company’s stock, valued at approximately $234,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ANET. Morgan Stanley increased its stake in Arista Networks by 162.2% in the fourth quarter. Morgan Stanley now owns 5,549,335 shares of the technology company’s stock valued at $673,412,000 after purchasing an additional 3,432,952 shares during the period. Norges Bank purchased a new stake in shares of Arista Networks in the fourth quarter valued at about $308,885,000. FMR LLC boosted its holdings in shares of Arista Networks by 32.2% in the third quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock valued at $1,897,906,000 after acquiring an additional 2,515,864 shares in the last quarter. Schroder Investment Management Group boosted its holdings in shares of Arista Networks by 439.3% in the third quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock valued at $231,624,000 after acquiring an additional 1,025,815 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its holdings in shares of Arista Networks by 1,424.3% in the fourth quarter. 1832 Asset Management L.P. now owns 875,198 shares of the technology company’s stock valued at $106,205,000 after acquiring an additional 817,781 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 24,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $292.28, for a total transaction of $7,014,720.00. Following the transaction, the chief executive officer now owns 1,642,800 shares of the company’s stock, valued at $480,157,584. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 24,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $292.28, for a total transaction of $7,014,720.00. Following the transaction, the chief executive officer now owns 1,642,800 shares of the company’s stock, valued at $480,157,584. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $249.00, for a total transaction of $4,980,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $807,756. The disclosure for this sale can be found here. Insiders have sold a total of 333,248 shares of company stock valued at $93,834,081 over the last quarter. Company insiders own 18.99% of the company’s stock.

Arista Networks Price Performance

NYSE:ANET opened at $298.79 on Thursday. The firm has a 50 day simple moving average of $277.66 and a 200-day simple moving average of $236.63. The firm has a market cap of $93.41 billion, a PE ratio of 45.48, a P/E/G ratio of 2.59 and a beta of 1.09. Arista Networks, Inc. has a 1-year low of $131.68 and a 1-year high of $307.74.

Arista Networks (NYSE:ANETGet Free Report) last issued its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, topping the consensus estimate of $1.70 by $0.38. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. Arista Networks’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.25 earnings per share. As a group, sell-side analysts expect that Arista Networks, Inc. will post 6.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of research analyst reports. JMP Securities reissued a “market outperform” rating and set a $325.00 price objective on shares of Arista Networks in a report on Tuesday, February 13th. The Goldman Sachs Group boosted their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Piper Sandler boosted their price objective on shares of Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. Melius raised shares of Arista Networks from a “hold” rating to a “buy” rating in a report on Monday, January 8th. Finally, Wells Fargo & Company boosted their price objective on shares of Arista Networks from $225.00 to $310.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $275.59.

Check Out Our Latest Stock Report on ANET

Arista Networks Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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