Deepwater Asset Management LLC Sells 133,867 Shares of Arista Networks, Inc. $ANET

Deepwater Asset Management LLC cut its position in Arista Networks, Inc. (NYSE:ANET) by 91.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,944 shares of the technology company’s stock after selling 133,867 shares during the quarter. Arista Networks comprises about 0.8% of Deepwater Asset Management LLC’s holdings, making the stock its 21st largest position. Deepwater Asset Management LLC’s holdings in Arista Networks were worth $1,886,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Arista Networks by 1.0% during the third quarter. Vanguard Group Inc. now owns 100,000,830 shares of the technology company’s stock valued at $14,571,121,000 after purchasing an additional 1,007,730 shares during the last quarter. Cresset Asset Management LLC increased its stake in shares of Arista Networks by 1.0% in the second quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock worth $2,698,362,000 after purchasing an additional 263,272 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Arista Networks by 0.5% in the second quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after purchasing an additional 128,977 shares during the period. Norges Bank bought a new stake in shares of Arista Networks in the second quarter valued at approximately $1,228,177,000. Finally, Schroder Investment Management Group lifted its stake in shares of Arista Networks by 14.8% during the 2nd quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock valued at $1,073,654,000 after buying an additional 1,350,593 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on ANET. The Goldman Sachs Group reissued a “buy” rating and set a $188.00 target price (up from $165.00) on shares of Arista Networks in a report on Friday, February 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Morgan Stanley restated an “overweight” rating and issued a $165.00 target price on shares of Arista Networks in a research note on Friday, February 13th. KeyCorp reaffirmed an “overweight” rating and set a $178.00 target price (up from $170.00) on shares of Arista Networks in a report on Friday, February 13th. Finally, UBS Group set a $200.00 price target on shares of Arista Networks in a report on Tuesday, February 24th. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $176.88.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 422 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $128.06, for a total value of $54,041.32. Following the transaction, the director owned 9,529 shares of the company’s stock, valued at $1,220,283.74. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kenneth Duda sold 32,000 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $142.44, for a total value of $4,558,080.00. Following the transaction, the insider directly owned 12,976 shares in the company, valued at approximately $1,848,301.44. This represents a 71.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 188,237 shares of company stock valued at $24,836,400 over the last ninety days. 3.54% of the stock is currently owned by insiders.

Arista Networks Stock Down 3.7%

NYSE:ANET opened at $124.55 on Wednesday. The stock has a market cap of $156.50 billion, a P/E ratio of 45.13, a PEG ratio of 2.29 and a beta of 1.46. The business’s 50-day moving average price is $134.19 and its two-hundred day moving average price is $137.19. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.07. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The company had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the business earned $0.66 earnings per share. Arista Networks’s revenue for the quarter was up 28.9% compared to the same quarter last year. On average, equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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.