Boomfish Wealth Group LLC Cuts Holdings in Arista Networks, Inc. $ANET

Boomfish Wealth Group LLC reduced its position in shares of Arista Networks, Inc. (NYSE:ANET) by 17.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,790 shares of the technology company’s stock after selling 5,627 shares during the period. Arista Networks comprises about 2.0% of Boomfish Wealth Group LLC’s investment portfolio, making the stock its 10th largest holding. Boomfish Wealth Group LLC’s holdings in Arista Networks were worth $3,758,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Arista Networks during the 2nd quarter worth approximately $1,228,177,000. Massachusetts Financial Services Co. MA boosted its holdings in Arista Networks by 2,829.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock worth $833,630,000 after purchasing an additional 5,525,828 shares during the last quarter. Nordea Investment Management AB increased its stake in Arista Networks by 193.3% in 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 during the last quarter. Holocene Advisors LP bought a new stake in Arista Networks during the 2nd quarter worth about $247,451,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Arista Networks by 123.0% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 3,068,064 shares of the technology company’s stock worth $313,894,000 after buying an additional 1,692,467 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

ANET has been the topic of several analyst reports. BNP Paribas Exane upgraded Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 target price on the stock in a report on Thursday, September 25th. Barclays reissued an “overweight” rating and issued a $183.00 target price (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. UBS Group reiterated a “buy” rating and issued a $155.00 price target on shares of Arista Networks in a research note on Wednesday, December 3rd. Finally, BNP Paribas raised shares of Arista Networks from a “hold” rating to an “outperform” rating in a report on Thursday, September 25th. 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target of $164.44.

Arista Networks Stock Down 1.8%

Shares of ANET stock opened at $127.51 on Wednesday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94. The company has a market capitalization of $160.57 billion, a PE ratio of 48.48, a price-to-earnings-growth ratio of 2.18 and a beta of 1.41. The firm has a 50 day moving average price of $128.50 and a two-hundred day moving average price of $133.48.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. The company 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 for the quarter was up 27.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.40 earnings per share. As a group, research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the completion of the sale, the chief executive officer owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. This trade represents a 70.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $133.79, for a total transaction of $1,070,320.00. Following the completion of the sale, the director directly owned 17,784 shares of the company’s stock, valued at approximately $2,379,321.36. The trade was a 31.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 160,464 shares of company stock worth $20,494,988 over the last quarter. 3.54% of the stock is currently owned by corporate insiders.

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.