Arista Networks, Inc. (NYSE:ANET) Stock Position Lifted by Truist Financial Corp

Truist Financial Corp lifted its holdings in Arista Networks, Inc. (NYSE:ANET) by 1,399.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 413,154 shares of the technology company’s stock after purchasing an additional 385,599 shares during the quarter. Truist Financial Corp’s holdings in Arista Networks were worth $45,666,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of ANET. CIBC Asset Management Inc lifted its holdings in shares of Arista Networks by 318.9% in the fourth quarter. CIBC Asset Management Inc now owns 163,975 shares of the technology company’s stock valued at $18,124,000 after buying an additional 124,835 shares during the period. Pittenger & Anderson Inc. lifted its holdings in shares of Arista Networks by 300.9% in the fourth quarter. Pittenger & Anderson Inc. now owns 34,612 shares of the technology company’s stock valued at $3,826,000 after buying an additional 25,978 shares during the period. 5T Wealth LLC acquired a new stake in shares of Arista Networks in the fourth quarter valued at $1,046,000. Catalyst Capital Advisors LLC lifted its holdings in shares of Arista Networks by 230.6% in the fourth quarter. Catalyst Capital Advisors LLC now owns 7,140 shares of the technology company’s stock valued at $789,000 after buying an additional 4,980 shares during the period. Finally, AlphaCentric Advisors LLC lifted its holdings in shares of Arista Networks by 239.6% in the fourth quarter. AlphaCentric Advisors LLC now owns 472 shares of the technology company’s stock valued at $52,000 after buying an additional 333 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $107.13, for a total transaction of $159,409.44. Following the transaction, the director now owns 8,128 shares of the company’s stock, valued at approximately $870,752.64. This represents a 15.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jayshree Ullal sold 71,036 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $100.06, for a total value of $7,107,506.98. Following the transaction, the chief executive officer now directly owns 70,724 shares in the company, valued at approximately $7,076,289.82. This represents a 50.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 337,320 shares of company stock valued at $37,946,706. Insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Morgan Stanley upped their price objective on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Barclays reduced their target price on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. UBS Group upped their target price on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities reaffirmed a “sell” rating and set a $80.00 target price on shares of Arista Networks in a report on Tuesday. Finally, StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $107.59.

Arista Networks Price Performance

Shares of ANET stock opened at $111.05 on Wednesday. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The stock’s 50-day moving average is $113.95 and its two-hundred day moving average is $101.32. The firm has a market cap of $139.89 billion, a P/E ratio of 53.39, a PEG ratio of 3.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. As a group, research analysts expect that Arista Networks, Inc. will post 1.97 EPS for the current year.

About Arista Networks

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.