Townsquare Capital LLC Sells 58,790 Shares of Arista Networks, Inc. $ANET

Townsquare Capital LLC decreased its position in Arista Networks, Inc. (NYSE:ANET) by 90.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,961 shares of the technology company’s stock after selling 58,790 shares during the quarter. Townsquare Capital LLC’s holdings in Arista Networks were worth $869,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ANET. Bare Financial Services Inc grew its holdings in shares of Arista Networks by 2,118.2% in the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after acquiring an additional 233 shares in the last quarter. AdvisorNet Financial Inc increased its position in shares of Arista Networks by 56.7% during the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares during the last quarter. Richardson Financial Services Inc. raised its stake in shares of Arista Networks by 141.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after purchasing an additional 130 shares during the period. REAP Financial Group LLC boosted its holdings in shares of Arista Networks by 108.0% in the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock worth $34,000 after buying an additional 175 shares during the last quarter. Finally, SJS Investment Consulting Inc. grew its position in Arista Networks by 979.2% during the third quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after buying an additional 235 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Down 4.3%

Shares of ANET opened at $141.79 on Friday. The business’s 50-day moving average price is $130.99 and its 200-day moving average price is $135.08. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94. The stock has a market cap of $178.55 billion, a PE ratio of 53.91, a P/E/G ratio of 2.50 and a beta of 1.41.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The firm’s revenue was up 27.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.40 earnings per share. Analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Morgan Stanley dropped their target price on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. UBS Group reissued a “buy” rating and set a $155.00 price objective on shares of Arista Networks in a report on Wednesday, December 3rd. Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $145.00 to $159.00 in a research note on Monday, January 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Finally, Barclays restated an “overweight” rating and issued a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $164.44.

Insider Activity at Arista Networks

In related news, insider Kenneth Duda sold 26,000 shares of the company’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $128.43, for a total value of $3,339,180.00. Following the completion of the transaction, the insider directly owned 522,400 shares in the company, valued at approximately $67,091,832. The trade was a 4.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total value of $1,070,320.00. Following the completion of the transaction, the director directly owned 17,784 shares in the company, valued at approximately $2,379,321.36. This represents a 31.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 216,464 shares of company stock valued at $27,687,068. 3.39% of the stock is currently owned by insiders.

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.