Arista Networks, Inc. $ANET Stock Holdings Lowered by Congress Asset Management Co.

Congress Asset Management Co. reduced its position in Arista Networks, Inc. (NYSE:ANET) by 2.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,758,303 shares of the technology company’s stock after selling 39,393 shares during the period. Arista Networks makes up about 1.6% of Congress Asset Management Co.’s investment portfolio, making the stock its 6th largest position. Congress Asset Management Co.’s holdings in Arista Networks were worth $230,390,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Global Trust Asset Management LLC boosted its position in shares of Arista Networks by 33.0% during the third quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock valued at $2,808,000 after buying an additional 4,780 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in Arista Networks in the 3rd quarter worth about $8,263,000. National Wealth Management Group LLC purchased a new position in Arista Networks in the 3rd quarter worth about $1,296,000. Holocene Advisors LP bought a new position in Arista Networks during the 2nd quarter valued at about $247,451,000. Finally, Three Seasons Wealth LLC bought a new position in Arista Networks during the 3rd quarter valued at about $2,483,000. 82.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ANET shares. Piper Sandler reiterated an “overweight” rating and issued a $175.00 price target (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Wells Fargo & Company increased their price objective on shares of Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, February 13th. The Goldman Sachs Group restated a “buy” rating and issued a $188.00 target price (up from $165.00) on shares of Arista Networks in a report on Friday, February 13th. Morgan Stanley reiterated an “overweight” rating and set a $165.00 target price on shares of Arista Networks in a research note on Friday, February 13th. Finally, Barclays reissued an “overweight” rating and set a $184.00 price target (up from $183.00) on shares of Arista Networks in a report on Friday, February 13th. Eighteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $176.47.

Insider Buying and Selling

In other news, Director Yvonne Wassenaar sold 1,815 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total value of $240,378.60. Following the transaction, the director owned 12,574 shares of the company’s stock, valued at $1,665,300.56. This trade represents a 12.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kenneth Duda sold 32,000 shares of Arista Networks stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $134.14, for a total value of $4,292,480.00. Following the transaction, the insider directly owned 12,976 shares in the company, valued at approximately $1,740,600.64. The trade was a 71.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 199,632 shares of company stock valued at $26,936,324. 3.54% of the stock is owned by company insiders.

Arista Networks Trading Up 3.6%

Shares of NYSE ANET opened at $135.98 on Tuesday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94. The firm has a market capitalization of $170.87 billion, a price-to-earnings ratio of 49.27, a price-to-earnings-growth ratio of 2.32 and a beta of 1.46. The firm has a 50 day moving average of $135.61 and a 200 day moving average of $137.24.

Arista Networks (NYSE:ANET) last released its quarterly earnings results 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. The business had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The company’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period last year, the firm earned $0.66 earnings per share. Sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

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.