GRIMES & Co WEALTH MANAGEMENT LLC Makes New Investment in Arista Networks, Inc. $ANET

GRIMES & Co WEALTH MANAGEMENT LLC bought a new position in Arista Networks, Inc. (NYSE:ANET) during the third quarter, HoldingsChannel.com reports. The fund bought 15,310 shares of the technology company’s stock, valued at approximately $3,117,000.

Other hedge funds have also recently made changes to their positions in the company. BOCHK Asset Management Ltd lifted its stake in shares of Arista Networks by 52.3% in the 3rd quarter. BOCHK Asset Management Ltd now owns 40,200 shares of the technology company’s stock valued at $8,184,000 after purchasing an additional 13,800 shares during the last quarter. Greenfield Seitz Capital Management LLC increased its position in shares of Arista Networks by 1.1% during the 3rd quarter. Greenfield Seitz Capital Management LLC now owns 23,243 shares of the technology company’s stock valued at $4,732,000 after purchasing an additional 251 shares during the last quarter. Signature Equity Partners LLC increased its position in shares of Arista Networks by 3.9% during the 3rd quarter. Signature Equity Partners LLC now owns 12,668 shares of the technology company’s stock valued at $2,579,000 after purchasing an additional 470 shares during the last quarter. XML Financial LLC increased its position in shares of Arista Networks by 9.7% during the 3rd quarter. XML Financial LLC now owns 21,308 shares of the technology company’s stock valued at $4,338,000 after purchasing an additional 1,890 shares during the last quarter. Finally, Summit Wealth Group LLC Co. raised its holdings in Arista Networks by 34.6% during the 3rd quarter. Summit Wealth Group LLC Co. now owns 2,235 shares of the technology company’s stock valued at $455,000 after buying an additional 575 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ANET shares. Zacks Research downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. Morgan Stanley reiterated an “overweight” rating and set a $220.00 price objective (up from $190.00) on shares of Arista Networks in a research report on Wednesday, August 5th. BNP Paribas Exane raised shares of Arista Networks to a “strong-buy” rating in a research note on Wednesday, October 14th. Weiss Ratings raised shares of Arista Networks from a “hold (c+)” rating to a “buy (b)” rating in a research note on Wednesday, October 21st. Finally, Rosenblatt Securities raised their target price on shares of Arista Networks from $210.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Arista Networks presently has a consensus rating of “Buy” and an average price target of $232.95.

Arista Networks Price Performance

Arista Networks stock opened at $169.58 on Wednesday. The stock has a market cap of $213.88 billion, a price-to-earnings ratio of 53.49, a price-to-earnings-growth ratio of 1.91 and a beta of 1.61. The firm has a 50-day moving average of $194.30 and a two-hundred day moving average of $165.10. Arista Networks, Inc. has a 1 year low of $114.52 and a 1 year high of $217.41.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, November 3rd. The technology company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. Arista Networks had a net margin of 38.37% and a return on equity of 30.65%. The business had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same period last year, the company posted $0.75 earnings per share. The company’s quarterly revenue was up 58.5% compared to the same quarter last year. Research analysts expect that Arista Networks, Inc. will post 3.79 earnings per share for the current year.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 573,509 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $208.13, for a total transaction of $119,364,428.17. Following the transaction, the chief executive officer directly owned 25,000 shares in the company, valued at $5,203,250. This trade represents a 95.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Andreas Bechtolsheim sold 300,000 shares of the firm’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $198.95, for a total value of $59,685,000.00. Following the transaction, the insider owned 180,543,048 shares in the company, valued at $35,919,039,399.60. The trade was a 0.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 2,487,846 shares of company stock worth $503,417,253. 2.70% of the stock is owned by insiders.

Key Stories Impacting Arista Networks

Here are the key news stories impacting Arista Networks this week:

• Positive Sentiment: Third-quarter earnings were $1.20 per share versus the $1.08 consensus, while revenue of $3.66 billion exceeded the $3.33 billion estimate and rose 58.5% year over year. The company said revenue growth was its strongest since its IPO, and operating margin widened. Article: Arista Networks Q3 Earnings and Revenues Beat Estimates
• Positive Sentiment: Management’s fourth-quarter outlook was characterized as strong, supporting expectations for continued demand for Arista’s networking products amid AI and data-center expansion. Article: Arista Networks Stock Pops on Q3 Earnings Beat, Strong Q4 Guidance
• Negative Sentiment: Gross margin slipped as product sales made up a larger share of revenue, and coverage flagged a slower pace of growth in the fourth-quarter outlook. These trends could raise questions about the durability of margin gains and rapid growth. Article: Arista Revenue Up 58% as Q4 Outlook Slows

Arista Networks Company Profile

Arista Networks, Inc develops and sells cloud networking solutions for data centers, cloud service providers, enterprises and specialized computing environments. The company’s products are designed to support high-performance, scalable and automated networks used for cloud computing, artificial intelligence, data analytics and other demanding applications.

Arista’s portfolio includes data center and campus switches, routing platforms, wireless networking products, network operating software and network management tools.