Arista Networks, Inc. (NYSE:ANET) Stake Boosted by OneAscent Financial Services LLC

OneAscent Financial Services LLC increased its stake in Arista Networks, Inc. (NYSE:ANET) by 512.7% during the 4th quarter, HoldingsChannel reports. The firm owned 6,574 shares of the technology company’s stock after acquiring an additional 5,501 shares during the period. OneAscent Financial Services LLC’s holdings in Arista Networks were worth $727,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after acquiring an additional 72,311,318 shares during the last quarter. Geode Capital Management LLC boosted its stake in Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock valued at $2,665,829,000 after purchasing an additional 18,293,874 shares during the period. Alliancebernstein L.P. grew its position in Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the last quarter. Norges Bank acquired a new stake in shares of Arista Networks in the fourth quarter valued at approximately $1,397,833,000. Finally, Wellington Management Group LLP raised its holdings in shares of Arista Networks by 313.9% during the fourth quarter. Wellington Management Group LLP now owns 11,013,511 shares of the technology company’s stock valued at $1,217,323,000 after buying an additional 8,352,816 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $80.31 on Thursday. The stock has a market capitalization of $101.28 billion, a price-to-earnings ratio of 36.18, a PEG ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58. The company has a 50 day moving average price of $96.46 and a 200 day moving average price of $101.60.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,537,266.72. This trade represents a 86.04 % 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 138,351 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares in the company, valued at $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 483,001 shares of company stock worth $48,220,031. Company insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $145.00 price objective on shares of Arista Networks in a report on Wednesday, February 19th. The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Barclays reissued an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler reaffirmed a “neutral” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Morgan Stanley raised their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $114.00.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.