M&G PLC Grows Stake in Arista Networks, Inc. $ANET

M&G PLC raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 365.3% in the third quarter, HoldingsChannel reports. The firm owned 104,791 shares of the technology company’s stock after acquiring an additional 82,272 shares during the period. M&G PLC’s holdings in Arista Networks were worth $15,299,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Walkner Condon Financial Advisors LLC raised its holdings in shares of Arista Networks by 0.4% in the third quarter. Walkner Condon Financial Advisors LLC now owns 18,509 shares of the technology company’s stock valued at $2,697,000 after acquiring an additional 70 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in Arista Networks by 56.7% during the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after acquiring an additional 72 shares in the last quarter. Crown Wealth Group LLC increased its position in Arista Networks by 2.4% during the 3rd quarter. Crown Wealth Group LLC now owns 3,175 shares of the technology company’s stock valued at $463,000 after purchasing an additional 75 shares during the period. Fragasso Financial Advisors Inc raised its holdings in shares of Arista Networks by 1.8% in the 3rd quarter. Fragasso Financial Advisors Inc now owns 4,237 shares of the technology company’s stock valued at $616,000 after purchasing an additional 76 shares in the last quarter. Finally, Stablepoint Partners LLC lifted its position in shares of Arista Networks by 0.8% in the 2nd quarter. Stablepoint Partners LLC now owns 9,406 shares of the technology company’s stock worth $962,000 after purchasing an additional 77 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction dated Tuesday, November 25th. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $140.43, for a total value of $1,123,440.00. Following the completion of the transaction, the director directly owned 9,784 shares in the company, valued at $1,373,967.12. This represents a 44.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 160,464 shares of company stock valued at $20,351,388. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Performance

Shares of ANET stock opened at $141.46 on Tuesday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The firm has a market capitalization of $178.13 billion, a price-to-earnings ratio of 51.25, a PEG ratio of 2.39 and a beta of 1.42. The stock’s 50-day simple moving average is $133.30 and its 200-day simple moving average is $137.23.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. The company had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. Arista Networks’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period last year, the business earned $0.66 EPS. As a group, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

ANET has been the topic of several research reports. Piper Sandler reissued an “overweight” rating and set a $175.00 price objective (up from $159.00) on shares of Arista Networks in a report on Friday. Wells Fargo & Company lifted their price target on Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a report on Friday. KeyCorp restated an “overweight” rating and set a $178.00 price objective (up from $170.00) on shares of Arista Networks in a research note on Friday. Morgan Stanley reaffirmed an “overweight” rating and set a $165.00 price objective on shares of Arista Networks in a research report on Friday. Finally, Barclays reiterated an “overweight” rating and issued a $184.00 target price (up from $183.00) on shares of Arista Networks in a report on Friday. Eighteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $175.41.

Arista Networks 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.