Duality Advisers LP Decreases Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Posted by Defense World Staff on Sep 20th, 2023

Duality Advisers LP trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 87.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,585 shares of the technology company’s stock after selling 11,407 shares during the period. Duality Advisers LP’s holdings in Arista Networks were worth $266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of ANET. Cibc World Market Inc. raised its holdings in shares of Arista Networks by 135.9% during the 1st quarter. Cibc World Market Inc. now owns 34,026 shares of the technology company’s stock worth $4,729,000 after acquiring an additional 19,602 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Arista Networks by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,261,171 shares of the technology company’s stock valued at $175,274,000 after buying an additional 19,738 shares during the period. Prudential PLC purchased a new stake in Arista Networks during the 1st quarter valued at $676,000. Sequoia Financial Advisors LLC purchased a new stake in Arista Networks during the 1st quarter valued at $224,000. Finally, Vanguard Group Inc. raised its holdings in Arista Networks by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 25,268,588 shares of the technology company’s stock valued at $3,511,828,000 after buying an additional 353,253 shares during the period. 67.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 1,040 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $161.34, for a total value of $167,793.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider John F. Mccool sold 1,000 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $197.78, for a total value of $197,780.00. Following the completion of the transaction, the insider now directly owns 144 shares in the company, valued at $28,480.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Marc Taxay sold 1,040 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $161.34, for a total value of $167,793.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 143,212 shares of company stock worth $26,086,688. 18.99% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on ANET. Rosenblatt Securities increased their price target on Arista Networks from $190.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, September 14th. Barclays increased their price target on Arista Networks from $179.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, August 1st. Argus increased their price target on Arista Networks from $195.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, August 2nd. Wells Fargo & Company upped their price objective on Arista Networks from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, August 1st. Finally, Needham & Company LLC upped their price objective on Arista Networks from $195.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Three research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $199.40.

View Our Latest Stock Report on Arista Networks

Arista Networks Price Performance

Shares of ANET stock opened at $184.83 on Wednesday. Arista Networks, Inc. has a 1-year low of $98.20 and a 1-year high of $198.70. The stock’s 50-day moving average is $180.34 and its 200 day moving average is $164.63. The company has a market cap of $57.22 billion, a P/E ratio of 34.16, a PEG ratio of 1.79 and a beta of 1.17.

Arista Networks (NYSE:ANET – Get Free Report) last issued its quarterly earnings data on Monday, July 31st. The technology company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.29. Arista Networks had a return on equity of 31.19% and a net margin of 32.48%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the company earned $0.98 earnings per share. The firm’s revenue for the quarter was up 38.7% compared to the same quarter last year. On average, analysts anticipate that Arista Networks, Inc. will post 5.49 EPS for the current year.

Arista Networks Company Profile

(Free Report)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.