Arista Networks, Inc. (NYSE:ANET) Shares Purchased by abrdn plc

abrdn plc raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 62.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 113,851 shares of the technology company’s stock after purchasing an additional 43,889 shares during the quarter. abrdn plc’s holdings in Arista Networks were worth $26,813,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ANET. Vanguard Group Inc. grew its position in shares of Arista Networks by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 27,898,836 shares of the technology company’s stock worth $5,131,433,000 after acquiring an additional 84,212 shares in the last quarter. FMR LLC grew its position in shares of Arista Networks by 32.2% in the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after acquiring an additional 2,515,864 shares in the last quarter. WCM Investment Management LLC grew its position in shares of Arista Networks by 0.5% in the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after acquiring an additional 16,081 shares in the last quarter. Northern Trust Corp grew its position in shares of Arista Networks by 5.0% in the 3rd quarter. Northern Trust Corp now owns 2,403,738 shares of the technology company’s stock worth $442,120,000 after acquiring an additional 114,978 shares in the last quarter. Finally, Jennison Associates LLC grew its position in shares of Arista Networks by 31.6% in the 3rd quarter. Jennison Associates LLC now owns 1,792,867 shares of the technology company’s stock worth $329,762,000 after acquiring an additional 430,309 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Performance

ANET opened at $251.28 on Wednesday. Arista Networks, Inc. has a one year low of $131.68 and a one year high of $307.74. The stock’s fifty day moving average is $279.29 and its 200-day moving average is $246.19. The company has a market capitalization of $78.56 billion, a PE ratio of 38.25, a P/E/G ratio of 2.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the business earned $1.25 EPS. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. On average, equities research analysts forecast that Arista Networks, Inc. will post 6.7 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently commented on ANET. Oppenheimer reiterated a “market perform” rating on shares of Arista Networks in a research report on Tuesday, February 13th. Piper Sandler raised their price target on Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. Morgan Stanley raised their price target on Arista Networks from $230.00 to $272.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. The Goldman Sachs Group raised their price target on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Melius Research raised Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $275.59.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 87,418 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $278.81, for a total value of $24,373,012.58. Following the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $4,929,639.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $940,922.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 87,418 shares of Arista Networks stock in a transaction on Friday, March 15th. The stock was sold at an average price of $278.81, for a total value of $24,373,012.58. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $4,929,639.61. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 334,227 shares of company stock valued at $95,828,875. Corporate insiders own 18.99% of the company’s stock.

Arista Networks 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.