Brookstone Capital Management Decreases Stock Holdings in Arista Networks, Inc. $ANET

Brookstone Capital Management reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 23.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 130,564 shares of the technology company’s stock after selling 40,656 shares during the quarter. Brookstone Capital Management’s holdings in Arista Networks were worth $19,024,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of ANET. Brighton Jones LLC increased its stake in Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after purchasing an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Arista Networks in the fourth quarter valued at $202,000. Bison Wealth LLC acquired a new position in shares of Arista Networks during the 4th quarter worth $251,000. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Arista Networks by 211.2% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,979 shares of the technology company’s stock worth $153,000 after buying an additional 1,343 shares in the last quarter. Finally, Gabelli Funds LLC boosted its position in shares of Arista Networks by 14.9% in the 1st quarter. Gabelli Funds LLC now owns 116,000 shares of the technology company’s stock worth $8,988,000 after buying an additional 15,000 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on ANET. Needham & Company LLC raised their target price on shares of Arista Networks from $155.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Citigroup raised their price objective 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. Wells Fargo & Company upped their target price on Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Piper Sandler reiterated a “neutral” rating and set a $145.00 target price (up previously from $143.00) on shares of Arista Networks in a report on Wednesday, November 5th. Finally, Barclays reissued an “overweight” rating and set a $183.00 price target (up previously from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Seventeen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and an average price target of $163.56.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the transaction, the chief executive officer directly owned 9,917 shares in the company, valued at $1,235,162.35. This represents a 70.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kelly Bodnar Battles sold 422 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $117.15, for a total transaction of $49,437.30. Following the completion of the sale, the director directly owned 8,980 shares in the company, valued at $1,052,007. This represents a 4.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 216,464 shares of company stock valued at $28,598,588 in the last quarter. Corporate insiders own 3.39% of the company’s stock.

Arista Networks Stock Performance

ANET stock opened at $131.13 on Thursday. The company has a 50 day moving average price of $135.53 and a two-hundred day moving average price of $128.68. The stock has a market capitalization of $165.12 billion, a P/E ratio of 49.86, a PEG ratio of 2.51 and a beta of 1.41. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94.

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

Arista Networks Company Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.