Varenne Capital Partners Reduces Position in Arista Networks, Inc. $ANET

Varenne Capital Partners decreased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 13.9% in the third quarter, Holdings Channel reports. The fund owned 444,004 shares of the technology company’s stock after selling 71,481 shares during the period. Arista Networks accounts for 12.3% of Varenne Capital Partners’ investment portfolio, making the stock its 3rd biggest holding. Varenne Capital Partners’ holdings in Arista Networks were worth $64,696,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Comprehensive Financial Planning Inc. PA acquired a new position in shares of Arista Networks during the 3rd quarter worth about $244,000. Focus Partners Advisor Solutions LLC grew its holdings in Arista Networks by 23.1% in the 3rd quarter. Focus Partners Advisor Solutions LLC now owns 29,205 shares of the technology company’s stock valued at $4,118,000 after buying an additional 5,471 shares during the last quarter. Segall Bryant & Hamill LLC increased its position in Arista Networks by 48.9% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 410,712 shares of the technology company’s stock worth $59,845,000 after buying an additional 134,970 shares during the period. Kingsview Wealth Management LLC lifted its holdings in shares of Arista Networks by 18.6% during the third quarter. Kingsview Wealth Management LLC now owns 20,192 shares of the technology company’s stock worth $2,942,000 after buying an additional 3,169 shares during the last quarter. Finally, Smart Money Group LLC bought a new stake in shares of Arista Networks in the third quarter valued at approximately $247,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $124.55 on Wednesday. The firm has a market cap of $156.50 billion, a P/E ratio of 45.13, a price-to-earnings-growth ratio of 2.29 and a beta of 1.46. The firm’s 50-day simple moving average is $134.19 and its 200-day simple moving average is $137.19. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.07. The firm had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.66 earnings per share. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of research reports. Rosenblatt Securities boosted their target price on shares of Arista Networks from $140.00 to $165.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 10th. Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Barclays reaffirmed an “overweight” rating and set a $184.00 price objective (up from $183.00) on shares of Arista Networks in a research report on Friday, February 13th. KeyCorp reissued an “overweight” rating and set a $178.00 target price (up from $170.00) on shares of Arista Networks in a research report on Friday, February 13th. Finally, Needham & Company LLC upped their price target on Arista Networks from $165.00 to $185.00 and gave the company a “buy” rating in a report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $176.88.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the completion of the transaction, the director directly owned 9,784 shares of the company’s stock, valued at approximately $1,373,967.12. This trade represents a 44.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kelly Bodnar Battles sold 422 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $128.06, for a total transaction of $54,041.32. Following the completion of the sale, the director owned 9,529 shares in the company, valued at $1,220,283.74. This represents a 4.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 188,237 shares of company stock worth $24,836,400 over the last 90 days. Corporate insiders own 3.54% of the company’s stock.

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.