Arista Networks, Inc. $ANET Shares Newly Purchased by First Nebraska Trust Co

First Nebraska Trust Co purchased a new position in Arista Networks, Inc. (NYSE:ANET) during the third quarter, HoldingsChannel.com reports. The fund purchased 20,060 shares of the technology company’s stock, valued at approximately $4,084,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp grew its stake in shares of Arista Networks by 159.4% in the second quarter. State Street Corp now owns 121,303,125 shares of the technology company’s stock worth $20,606,975,000 after acquiring an additional 74,541,134 shares during the last quarter. Jupiter Topco LLC bought a new position in shares of Arista Networks during the second quarter valued at $1,101,860,000. Envestnet Asset Management Inc. increased its holdings in shares of Arista Networks by 199.0% during the second quarter. Envestnet Asset Management Inc. now owns 9,630,196 shares of the technology company’s stock valued at $1,635,978,000 after acquiring an additional 6,409,612 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Arista Networks in the 2nd quarter worth about $537,736,000. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Arista Networks by 34.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 9,725,196 shares of the technology company’s stock worth $1,712,788,000 after purchasing an additional 2,497,275 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the topic of several recent analyst reports. Sanford C. Bernstein began coverage on shares of Arista Networks in a research report on Wednesday, September 30th. They set an “outperform” rating and a $250.00 price objective on the stock. Erste Group Bank raised shares of Arista Networks from a “hold” rating to a “buy” rating in a report on Wednesday, July 15th. Morgan Stanley reiterated an “overweight” rating and issued a $220.00 target price (up from $190.00) on shares of Arista Networks in a research note on Wednesday, August 5th. Evercore reiterated an “outperform” rating on shares of Arista Networks in a report on Monday. Finally, Rosenblatt Securities increased their price target on shares of Arista Networks from $210.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $232.95.

Arista Networks News Summary

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 Stock Performance

Shares of NYSE:ANET opened at $169.58 on Wednesday. The stock has a market capitalization of $213.88 billion, a price-to-earnings ratio of 53.49, a PEG ratio of 1.91 and a beta of 1.61. The stock’s 50-day simple moving average is $194.30 and its two-hundred day simple moving average is $165.10. Arista Networks, Inc. has a 52-week low of $114.52 and a 52-week high of $217.41.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, November 3rd. The technology company reported $1.20 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $3.33 billion. During the same period in the prior year, the company earned $0.75 earnings per share. The firm’s revenue was up 58.5% on a year-over-year basis. As a group, equities analysts forecast that Arista Networks, Inc. will post 3.79 earnings per share for the current fiscal year.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 130,553 shares of Arista Networks stock in a transaction on Friday, October 9th. The shares were sold at an average price of $217.10, for a total value of $28,343,056.30. Following the sale, the chief executive officer directly owned 4,774,691 shares in the company, valued at approximately $1,036,585,416.10. The trade was a 2.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Andreas Bechtolsheim sold 267,892 shares of Arista Networks stock in a transaction on Friday, October 30th. The shares were sold at an average price of $171.19, for a total transaction of $45,860,431.48. Following the completion of the sale, the insider owned 180,275,156 shares in the company, valued at approximately $30,861,303,955.64. This represents a 0.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 2,487,846 shares of company stock worth $503,417,253. 2.70% of the stock is currently owned by insiders.

Arista Networks 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.