Madison Asset Management LLC Sells 493,789 Shares of Arista Networks, Inc. $ANET

Madison Asset Management LLC trimmed its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 40.4% in the third quarter, HoldingsChannel.com reports. The fund owned 728,558 shares of the technology company’s stock after selling 493,789 shares during the period. Arista Networks makes up 1.2% of Madison Asset Management LLC’s investment portfolio, making the stock its 24th largest position. Madison Asset Management LLC’s holdings in Arista Networks were worth $106,158,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ANET. Bare Financial Services Inc increased its holdings in Arista Networks by 2,118.2% in the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after acquiring an additional 233 shares during the last quarter. AdvisorNet Financial Inc grew its stake in Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after buying an additional 72 shares in the last quarter. Richardson Financial Services Inc. raised its holdings in Arista Networks by 141.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock valued at $32,000 after acquiring an additional 130 shares during the period. SJS Investment Consulting Inc. lifted its position in shares of Arista Networks by 979.2% during the third quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock worth $38,000 after acquiring an additional 235 shares in the last quarter. Finally, Solstein Capital LLC boosted its holdings in shares of Arista Networks by 493.8% in the second quarter. Solstein Capital LLC now owns 380 shares of the technology company’s stock worth $39,000 after acquiring an additional 316 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were 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. The trade was a 70.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 216,464 shares of company stock valued at $27,553,548. 3.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ANET shares. Rosenblatt Securities raised their target price on Arista Networks from $140.00 to $165.00 and gave the stock a “neutral” rating in a research note on Tuesday. Morgan Stanley cut their price target on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Barclays reaffirmed an “overweight” rating and set a $183.00 price target (up previously from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Finally, Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. Seventeen investment analysts have rated the stock with a Buy rating and five have issued 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 $166.00.

Arista Networks Price Performance

ANET stock opened at $143.71 on Wednesday. The firm has a 50-day moving average of $132.39 and a 200 day moving average of $136.68. The company has a market cap 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 1 year low of $59.43 and a 1 year high of $164.94.

Arista Networks Company 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.