Arista Networks, Inc. $ANET Shares Sold by National Bank of Canada FI

National Bank of Canada FI reduced its position in shares of Arista Networks, Inc. (NYSE:ANET) by 8.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 887,815 shares of the technology company’s stock after selling 86,422 shares during the quarter. National Bank of Canada FI owned 0.07% of Arista Networks worth $90,834,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank acquired a new stake in Arista Networks in the second quarter valued at approximately $1,228,177,000. AQR Capital Management LLC raised its stake in shares of Arista Networks by 153.8% during the 1st quarter. AQR Capital Management LLC now owns 7,719,809 shares of the technology company’s stock worth $584,119,000 after buying an additional 4,678,372 shares during the period. Nordea Investment Management AB lifted its position in shares of Arista Networks by 193.3% during the 2nd quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock valued at $721,342,000 after buying an additional 4,656,021 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Arista Networks during the 2nd quarter valued at approximately $247,451,000. Finally, Amundi grew its stake in Arista Networks by 35.3% in the 1st quarter. Amundi now owns 8,582,109 shares of the technology company’s stock valued at $611,852,000 after acquiring an additional 2,240,045 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In other Arista Networks news, insider Kenneth Duda sold 30,000 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $128.61, for a total value of $3,858,300.00. Following the transaction, the insider directly owned 12,976 shares in the company, valued at $1,668,843.36. The trade was a 69.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 58,000 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $148.42, for a total transaction of $8,608,360.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 274,464 shares of company stock worth $38,250,488 in the last quarter. Company insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Barclays restated an “overweight” rating and set a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Citigroup boosted their target price on shares of Arista Networks from $136.00 to $176.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Piper Sandler restated a “neutral” rating and set a $145.00 price target (up previously from $143.00) on shares of Arista Networks in a research report on Wednesday, November 5th. UBS Group reiterated a “buy” rating and issued a $155.00 price objective on shares of Arista Networks in a report on Wednesday, December 3rd. Finally, The Goldman Sachs Group increased their target price on Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a report on Friday, September 12th. Eighteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $164.31.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $124.83 on Monday. The stock’s 50 day simple moving average is $138.96 and its 200-day simple moving average is $126.92. The stock has a market cap of $157.20 billion, a P/E ratio of 47.46, a P/E/G ratio of 2.39 and a beta of 1.41. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The firm’s revenue was up 27.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.40 earnings per share. As a group, research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks 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.