Charles H. Giancarlo Sells 2,000 Shares of Arista Networks, Inc. (NYSE:ANET) Stock

Posted by Defense World Staff on Apr 7th, 2023

Arista Networks, Inc. (NYSE:ANET – Get Rating) Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $166.98, for a total value of $333,960.00. Following the completion of the transaction, the director now owns 82,946 shares in the company, valued at $13,850,323.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Arista Networks Stock Performance

Shares of ANET opened at $159.85 on Friday. The stock has a 50-day moving average of $146.82 and a two-hundred day moving average of $129.86. Arista Networks, Inc. has a one year low of $89.11 and a one year high of $171.44. The stock has a market cap of $48.98 billion, a P/E ratio of 37.44, a P/E/G ratio of 2.27 and a beta of 1.26.

Arista Networks (NYSE:ANET – Get Rating) last issued its quarterly earnings results on Monday, February 13th. The technology company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.20. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Arista Networks had a return on equity of 30.00% and a net margin of 30.87%. The firm’s revenue was up 54.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.66 EPS. Analysts predict that Arista Networks, Inc. will post 5.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ANET shares. Piper Sandler cut their price target on Arista Networks from $164.00 to $155.00 in a report on Tuesday, January 17th. Needham & Company LLC lifted their price target on Arista Networks from $155.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, February 14th. Wells Fargo & Company boosted their target price on Arista Networks from $170.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 22nd. Rosenblatt Securities restated a “buy” rating and set a $175.00 target price on shares of Arista Networks in a research note on Wednesday. Finally, Cowen boosted their target price on Arista Networks from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 14th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $176.20.

Hedge Funds Weigh In On Arista Networks

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bartlett & Co. LLC lifted its holdings in shares of Arista Networks by 802.8% in the 1st quarter. Bartlett & Co. LLC now owns 1,300 shares of the technology company’s stock valued at $218,000 after buying an additional 1,156 shares during the period. Parsec Financial Management Inc. acquired a new position in shares of Arista Networks in the 1st quarter valued at about $333,000. Patton Fund Management Inc. lifted its holdings in shares of Arista Networks by 63.4% in the 1st quarter. Patton Fund Management Inc. now owns 23,125 shares of the technology company’s stock valued at $3,882,000 after buying an additional 8,976 shares during the period. Veracity Capital LLC acquired a new position in shares of Arista Networks in the 1st quarter valued at about $244,000. Finally, Empowered Funds LLC lifted its holdings in shares of Arista Networks by 4.6% in the 1st quarter. Empowered Funds LLC now owns 23,398 shares of the technology company’s stock valued at $3,928,000 after buying an additional 1,019 shares during the period. Institutional investors and hedge funds own 64.30% of the company’s stock.

About Arista Networks

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Arista Networks, Inc engages in the business of developing, marketing, and selling cloud networking solutions. The firm is also involved in switching and routing platforms and related network applications. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in November 2004 and is headquartered in Santa Clara, CA.