First Citizens Bank & Trust Co. Lowers Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

First Citizens Bank & Trust Co. reduced its stake in Arista Networks, Inc. (NYSE:ANET) by 4.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,373 shares of the technology company’s stock after selling 69 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Arista Networks were worth $527,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. GQG Partners LLC purchased a new stake in shares of Arista Networks in the first quarter valued at approximately $881,848,000. Legal & General Group Plc boosted its stake in shares of Arista Networks by 0.9% in the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after buying an additional 20,278 shares in the last quarter. Swedbank AB acquired a new position in Arista Networks during the first quarter worth $521,767,000. Ameriprise Financial Inc. raised its holdings in Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after purchasing an additional 884,703 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in Arista Networks by 18.7% during the first quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock worth $273,652,000 after purchasing an additional 148,759 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ANET has been the subject of several research reports. Evercore ISI lifted their price objective on Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Morgan Stanley lifted their price objective on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. lifted their price objective on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Barclays lifted their price objective on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Piper Sandler lifted their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

Arista Networks Trading Down 1.3 %

NYSE ANET opened at $402.00 on Monday. The business’s 50-day moving average price is $367.25 and its 200 day moving average price is $331.82. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $422.73. The company has a market capitalization of $125.97 billion, a PE ratio of 55.99, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the business posted $1.41 earnings per share. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. Equities analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,280,374.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total value of $7,893,800.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,280,374.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 58,197 shares of company stock worth $21,326,894. 3.54% of the stock is owned by company insiders.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.