Allspring Global Investments Holdings LLC Boosts Holdings in Arista Networks, Inc. $ANET

Allspring Global Investments Holdings LLC increased its position in Arista Networks, Inc. (NYSE:ANET) by 24.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,212,459 shares of the technology company’s stock after buying an additional 432,653 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Arista Networks were worth $330,254,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SteelPeak Wealth LLC boosted its holdings in Arista Networks by 23.8% in the second quarter. SteelPeak Wealth LLC now owns 40,404 shares of the technology company’s stock worth $4,134,000 after acquiring an additional 7,779 shares in the last quarter. Penobscot Investment Management Company Inc. raised its holdings in shares of Arista Networks by 7.8% during the second quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock worth $3,998,000 after purchasing an additional 2,815 shares during the last quarter. Vanguard Group Inc. lifted its position in Arista Networks by 1.2% during the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after purchasing an additional 1,136,167 shares during the period. Holocene Advisors LP purchased a new stake in Arista Networks in the second quarter valued at $247,451,000. Finally, Soltis Investment Advisors LLC grew its position in Arista Networks by 99.3% during the 2nd quarter. Soltis Investment Advisors LLC now owns 40,428 shares of the technology company’s stock worth $4,136,000 after purchasing an additional 20,141 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Down 1.3%

Shares of NYSE:ANET opened at $132.42 on Wednesday. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94. The firm has a 50 day simple moving average of $134.49 and a 200-day simple moving average of $129.99. The company has a market capitalization of $166.75 billion, a PE ratio of 50.35, a P/E/G ratio of 2.57 and a beta of 1.41.

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

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 24,042 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total value of $2,994,431.10. Following the transaction, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. This represents a 70.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kenneth Duda sold 30,000 shares of the stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total value of $3,694,800.00. Following the transaction, the insider directly owned 12,976 shares in the company, valued at approximately $1,598,124.16. This represents a 69.81% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 208,464 shares of company stock valued at $27,418,668. Insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the topic of a number of analyst reports. Wells Fargo & Company raised their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. BNP Paribas Exane raised shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price target on the stock in a research note on Thursday, September 25th. Zacks Research lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. UBS Group reiterated a “buy” rating and set a $155.00 price target on shares of Arista Networks in a report on Wednesday, December 3rd. Finally, Barclays reissued an “overweight” rating and issued a $183.00 price objective (up previously from $179.00) on shares of Arista Networks in a report on Wednesday, November 5th. Seventeen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average price target of $163.56.

Arista Networks 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.