Arista Networks, Inc. $ANET Shares Sold by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 12.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 388,938 shares of the technology company’s stock after selling 55,507 shares during the period. Mediolanum International Funds Ltd’s holdings in Arista Networks were worth $55,762,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Global Trust Asset Management LLC boosted its position in Arista Networks by 33.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock worth $2,808,000 after acquiring an additional 4,780 shares during the period. SteelPeak Wealth LLC raised its stake in shares of Arista Networks by 23.8% during the second quarter. SteelPeak Wealth LLC now owns 40,404 shares of the technology company’s stock valued at $4,134,000 after purchasing an additional 7,779 shares in the last quarter. Rakuten Investment Management Inc. acquired a new stake in Arista Networks in the third quarter worth about $8,263,000. National Wealth Management Group LLC bought a new position in Arista Networks in the 3rd quarter valued at about $1,296,000. Finally, Penobscot Investment Management Company Inc. increased its stake in Arista Networks by 7.8% during the 2nd quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock valued at $3,998,000 after buying an additional 2,815 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 422 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $117.15, for a total value of $49,437.30. Following the completion of the sale, the director owned 8,980 shares of the company’s stock, valued at $1,052,007. This trade represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 24,042 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer directly owned 9,917 shares in the company, valued at $1,235,162.35. The trade was a 70.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 216,464 shares of company stock worth $27,687,068 over the last three months. Company insiders own 3.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ANET shares. Barclays reaffirmed an “overweight” rating and issued a $183.00 price target (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Rosenblatt Securities reiterated a “neutral” rating and set a $140.00 price target on shares of Arista Networks in a research report on Monday, November 24th. Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $145.00 to $159.00 in a report on Monday, January 5th. Finally, Erste Group Bank lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $164.44.

Arista Networks Trading Down 4.3%

ANET stock opened at $141.79 on Friday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94. The firm has a 50-day moving average of $130.99 and a two-hundred day moving average of $135.28. The firm has a market capitalization of $178.55 billion, a PE ratio of 53.91, a P/E/G ratio of 2.50 and a beta of 1.41.

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