Arista Networks, Inc. $ANET Shares Sold by Bayforest Capital Ltd

Bayforest Capital Ltd decreased its position in Arista Networks, Inc. (NYSE:ANET) by 67.9% in the third quarter, Holdings Channel reports. The institutional investor owned 2,001 shares of the technology company’s stock after selling 4,232 shares during the period. Bayforest Capital Ltd’s holdings in Arista Networks were worth $292,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the company. Brighton Jones LLC raised its holdings in Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after purchasing an additional 5,955 shares during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Arista Networks in the fourth quarter valued at approximately $202,000. Bison Wealth LLC purchased a new stake in shares of Arista Networks in the fourth quarter valued at approximately $251,000. Geneos Wealth Management Inc. raised its stake in shares of Arista Networks by 16.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,098 shares of the technology company’s stock worth $163,000 after buying an additional 299 shares during the period. Finally, Harbor Investment Advisory LLC lifted its position in shares of Arista Networks by 669.6% during the 2nd quarter. Harbor Investment Advisory LLC now owns 862 shares of the technology company’s stock valued at $88,000 after buying an additional 750 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total value of $2,994,431.10. Following the sale, the chief executive officer directly owned 9,917 shares in the company, valued at approximately $1,235,162.35. The trade was a 70.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kenneth Duda sold 26,000 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total transaction of $3,202,160.00. Following the completion of the transaction, the insider directly owned 532,400 shares in the company, valued at $65,570,384. The trade was a 4.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 216,464 shares of company stock valued at $28,488,988 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

ANET opened at $123.34 on Tuesday. The stock has a market capitalization of $155.32 billion, a PE ratio of 46.90, a P/E/G ratio of 2.07 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. The business’s 50 day moving average price is $129.74 and its 200 day moving average price is $132.31.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter last year, the firm earned $2.40 earnings per share. The firm’s quarterly revenue was up 27.5% compared to the same quarter last year. As a group, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $145.00 to $159.00 in a report on Monday, January 5th. Erste Group Bank cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. UBS Group reaffirmed a “buy” rating and issued a $155.00 price target on shares of Arista Networks in a research note on Wednesday, December 3rd. Rosenblatt Securities reiterated a “neutral” rating and issued a $140.00 price objective on shares of Arista Networks in a report on Monday, November 24th. Finally, Morgan Stanley cut their price objective on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Eighteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $164.44.

About Arista Networks

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.