Provenance Wealth Advisors LLC Buys 14,591 Shares of Arista Networks, Inc. $ANET

Provenance Wealth Advisors LLC increased its stake in Arista Networks, Inc. (NYSE:ANET) by 182,387.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,599 shares of the technology company’s stock after acquiring an additional 14,591 shares during the period. Provenance Wealth Advisors LLC’s holdings in Arista Networks were worth $2,972,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ANET. Integrity Alliance LLC. increased its stake in Arista Networks by 55.8% during the third quarter. Integrity Alliance LLC. now owns 2,925 shares of the technology company’s stock worth $596,000 after acquiring an additional 1,048 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Arista Networks by 1.4% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 128,719 shares of the technology company’s stock worth $26,206,000 after purchasing an additional 1,795 shares during the period. First Nebraska Trust Co acquired a new position in shares of Arista Networks in the 3rd quarter valued at about $4,084,000. IPG Investment Advisors LLC lifted its stake in shares of Arista Networks by 6.5% in the 3rd quarter. IPG Investment Advisors LLC now owns 2,118 shares of the technology company’s stock valued at $431,000 after purchasing an additional 130 shares in the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management grew its holdings in shares of Arista Networks by 3.5% during the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 12,646 shares of the technology company’s stock worth $2,575,000 after purchasing an additional 433 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Price Performance

Shares of NYSE ANET opened at $169.58 on Wednesday. Arista Networks, Inc. has a 1-year low of $114.52 and a 1-year high of $217.41. The company has a market capitalization of $213.88 billion, a price-to-earnings ratio of 53.49, a PEG ratio of 1.91 and a beta of 1.61. The business has a 50-day moving average of $194.30 and a 200-day moving average of $165.10.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, November 3rd. The technology company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.08 by $0.12. The business had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.33 billion. Arista Networks had a return on equity of 30.65% and a net margin of 38.37%. The company’s revenue was up 58.5% on a year-over-year basis. During the same period last year, the business posted $0.75 EPS. Research analysts expect that Arista Networks, Inc. will post 3.79 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Andreas Bechtolsheim sold 300,000 shares of the business’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $198.95, for a total transaction of $59,685,000.00. Following the transaction, the insider directly owned 180,543,048 shares of the company’s stock, valued at approximately $35,919,039,399.60. The trade was a 0.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jayshree Ullal sold 573,509 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $208.13, for a total transaction of $119,364,428.17. Following the completion of the transaction, the chief executive officer owned 25,000 shares of the company’s stock, valued at $5,203,250. This trade represents a 95.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 2,487,846 shares of company stock valued at $503,417,253. 2.70% of the stock is owned by company insiders.

Key Headlines Impacting Arista Networks

Here are the key news stories impacting Arista Networks this week:

• Positive Sentiment: Third-quarter earnings were $1.20 per share versus the $1.08 consensus, while revenue of $3.66 billion exceeded the $3.33 billion estimate and rose 58.5% year over year. The company said revenue growth was its strongest since its IPO, and operating margin widened. Article: Arista Networks Q3 Earnings and Revenues Beat Estimates
• Positive Sentiment: Management’s fourth-quarter outlook was characterized as strong, supporting expectations for continued demand for Arista’s networking products amid AI and data-center expansion. Article: Arista Networks Stock Pops on Q3 Earnings Beat, Strong Q4 Guidance
• Negative Sentiment: Gross margin slipped as product sales made up a larger share of revenue, and coverage flagged a slower pace of growth in the fourth-quarter outlook. These trends could raise questions about the durability of margin gains and rapid growth. Article: Arista Revenue Up 58% as Q4 Outlook Slows

Analyst Upgrades and Downgrades

ANET has been the topic of several research reports. The Goldman Sachs Group restated a “buy” rating and issued a $225.00 price target on shares of Arista Networks in a report on Wednesday, August 5th. Zacks Research downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. TD Cowen dropped their price objective on shares of Arista Networks from $250.00 to $205.00 and set a “buy” rating for the company in a research report on Monday, October 19th. Sanford C. Bernstein began coverage on shares of Arista Networks in a research report on Wednesday, September 30th. They issued an “outperform” rating and a $250.00 price objective for the company. Finally, Rosenblatt Securities raised their target price on shares of Arista Networks from $210.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $232.95.

Arista Networks Profile

Arista Networks, Inc develops and sells cloud networking solutions for data centers, cloud service providers, enterprises and specialized computing environments. The company’s products are designed to support high-performance, scalable and automated networks used for cloud computing, artificial intelligence, data analytics and other demanding applications.

Arista’s portfolio includes data center and campus switches, routing platforms, wireless networking products, network operating software and network management tools.