Oppenheimer Asset Management Inc. Has $877,000 Stock Position in Arista Networks, Inc. (NYSE:ANET)

Posted by Defense World Staff on May 6th, 2023

Oppenheimer Asset Management Inc. trimmed its position in Arista Networks, Inc. (NYSE:ANET – Get Rating) by 41.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,228 shares of the technology company’s stock after selling 5,131 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Arista Networks were worth $877,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in Arista Networks by 460.4% during the third quarter. Price T Rowe Associates Inc. MD now owns 5,255,432 shares of the technology company’s stock worth $593,287,000 after buying an additional 4,317,550 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in Arista Networks by 67.5% during the third quarter. Nuveen Asset Management LLC now owns 2,322,156 shares of the technology company’s stock worth $262,148,000 after buying an additional 935,484 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Arista Networks by 3.0% during the third quarter. Vanguard Group Inc. now owns 26,507,053 shares of the technology company’s stock worth $2,992,380,000 after buying an additional 770,172 shares during the last quarter. BlackRock Inc. boosted its holdings in Arista Networks by 4.3% during the third quarter. BlackRock Inc. now owns 18,454,815 shares of the technology company’s stock worth $2,083,367,000 after buying an additional 755,445 shares during the last quarter. Finally, State Street Corp boosted its holdings in Arista Networks by 8.1% during the third quarter. State Street Corp now owns 9,362,850 shares of the technology company’s stock worth $1,056,972,000 after buying an additional 700,606 shares during the last quarter. 64.30% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Up 2.0 %

NYSE:ANET opened at $137.98 on Friday. The firm has a market capitalization of $42.54 billion, a price-to-earnings ratio of 28.75, a price-to-earnings-growth ratio of 1.71 and a beta of 1.26. Arista Networks, Inc. has a twelve month low of $89.11 and a twelve month high of $171.44. The stock’s 50 day moving average price is $155.42 and its two-hundred day moving average price is $136.09.

Arista Networks (NYSE:ANET – Get Rating) last posted its quarterly earnings results on Monday, May 1st. The technology company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.09. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.31 billion. Arista Networks had a return on equity of 31.33% and a net margin of 31.24%. The business’s quarterly revenue was up 54.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.78 EPS. As a group, analysts anticipate that Arista Networks, Inc. will post 5.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ANET shares. StockNews.com started coverage on Arista Networks in a report on Thursday, March 16th. They set a “hold” rating on the stock. Argus raised their target price on Arista Networks from $175.00 to $195.00 in a report on Tuesday. Barclays raised their target price on Arista Networks from $177.00 to $179.00 in a report on Tuesday. Loop Capital lifted their price objective on Arista Networks from $181.00 to $188.00 and gave the company a “buy” rating in a report on Tuesday, February 14th. Finally, JMP Securities lifted their price objective on Arista Networks from $135.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, February 14th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $173.85.

Insiders Place Their Bets

In other Arista Networks news, insider John F. Mccool sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $145.31, for a total transaction of $145,310.00. Following the transaction, the insider now owns 72 shares of the company’s stock, valued at approximately $10,462.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider John F. Mccool sold 996 shares of the business’s stock in a transaction that occurred on Tuesday, April 4th. The stock was sold at an average price of $167.75, for a total transaction of $167,079.00. Following the transaction, the insider now directly owns 72 shares of the company’s stock, valued at approximately $12,078. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John F. Mccool sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $145.31, for a total value of $145,310.00. Following the transaction, the insider now directly owns 72 shares in the company, valued at $10,462.32. The disclosure for this sale can be found here. Insiders have sold 358,941 shares of company stock valued at $54,096,115 in the last 90 days. 19.59% of the stock is currently owned by insiders.

Arista Networks 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.