Arista Networks, Inc. (NYSE:ANET) Shares Sold by Raymond James Trust N.A.

Posted by Defense World Staff on Apr 27th, 2023

Raymond James Trust N.A. cut its holdings in Arista Networks, Inc. (NYSE:ANET – Get Rating) by 29.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,787 shares of the technology company’s stock after selling 746 shares during the period. Raymond James Trust N.A.’s holdings in Arista Networks were worth $217,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Trifecta Capital Advisors LLC acquired a new position in Arista Networks during the fourth quarter worth $27,000. MV Capital Management Inc. lifted its stake in Arista Networks by 172.7% during the third quarter. MV Capital Management Inc. now owns 270 shares of the technology company’s stock worth $30,000 after purchasing an additional 171 shares in the last quarter. Accurate Wealth Management LLC acquired a new position in Arista Networks during the fourth quarter worth $58,000. EverSource Wealth Advisors LLC lifted its stake in Arista Networks by 541.7% during the third quarter. EverSource Wealth Advisors LLC now owns 539 shares of the technology company’s stock worth $61,000 after purchasing an additional 455 shares in the last quarter. Finally, Kistler Tiffany Companies LLC lifted its stake in Arista Networks by 37.7% during the third quarter. Kistler Tiffany Companies LLC now owns 595 shares of the technology company’s stock worth $67,000 after purchasing an additional 163 shares in the last quarter. 64.30% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

ANET opened at $155.96 on Thursday. The business’s 50-day simple moving average is $153.97 and its 200-day simple moving average is $134.17. Arista Networks, Inc. has a one year low of $89.11 and a one year high of $171.44. The stock has a market capitalization of $47.78 billion, a P/E ratio of 36.52, a price-to-earnings-growth ratio of 2.13 and a beta of 1.26.

Arista Networks (NYSE:ANET – Get Rating) last posted its quarterly earnings results on Monday, February 13th. The technology company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.20. Arista Networks had a net margin of 30.87% and a return on equity of 30.00%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the firm earned $0.66 EPS. The company’s revenue for the quarter was up 54.7% on a year-over-year basis. On average, equities research analysts forecast that Arista Networks, Inc. will post 5.2 EPS for the current fiscal year.

Insider Activity

In other news, SVP Marc Taxay sold 1,048 shares of Arista Networks stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $125.49, for a total transaction of $131,513.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Marc Taxay sold 1,048 shares of Arista Networks stock in a transaction that occurred on Wednesday, February 1st. The stock was sold at an average price of $125.49, for a total transaction of $131,513.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $133.58, for a total value of $2,671,600.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $433,333.52. The disclosure for this sale can be found here. In the last three months, insiders sold 357,945 shares of company stock worth $53,844,144. Company insiders own 19.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Credit Suisse Group upped their price target on Arista Networks from $140.00 to $146.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 14th. Loop Capital upped their price objective on Arista Networks from $181.00 to $188.00 and gave the stock a “buy” rating in a research report on Tuesday, February 14th. Cowen upped their price objective on Arista Networks from $212.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 14th. Morgan Stanley upped their price objective on Arista Networks from $140.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Friday, April 14th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $175.00 price objective on shares of Arista Networks in a research report on Wednesday, April 5th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $178.45.

Arista Networks Company Profile

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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.