Orion Porfolio Solutions LLC Reduces Stake in Arista Networks, Inc. $ANET

by · The Markets Daily

Orion Porfolio Solutions LLC reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 30.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 39,929 shares of the technology company’s stock after selling 17,744 shares during the period. Orion Porfolio Solutions LLC’s holdings in Arista Networks were worth $4,085,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Arista Networks by 1.2% during the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after purchasing an additional 1,136,167 shares during the period. Cresset Asset Management LLC lifted its position in shares of Arista Networks by 1.0% during the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock valued at $2,698,362,000 after buying an additional 263,272 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Arista Networks by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock worth $2,606,694,000 after acquiring an additional 128,977 shares during the period. Alliancebernstein L.P. increased its holdings in Arista Networks by 9.0% in the 1st quarter. Alliancebernstein L.P. now owns 22,959,214 shares of the technology company’s stock worth $1,778,880,000 after acquiring an additional 1,889,198 shares during the last quarter. Finally, Norges Bank bought a new stake in Arista Networks in the 2nd quarter valued at about $1,228,177,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $122.33 on Thursday. The firm has a fifty day moving average price of $137.41 and a two-hundred day moving average price of $127.44. The company has a market cap of $154.05 billion, a price-to-earnings ratio of 46.51, a PEG ratio of 2.42 and a beta of 1.41. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94.

Arista Networks (NYSE:ANET – Get Free Report) last issued its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 was up 27.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.40 earnings per share. Equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ANET shares. Zacks Research lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. BNP Paribas Exane raised shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective for the company in a report on Thursday, September 25th. Needham & Company LLC boosted their target price on shares of Arista Networks from $155.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Citigroup increased their target price on Arista Networks from $136.00 to $176.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Finally, Morgan Stanley reduced their price target on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research report on Wednesday. Seventeen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $163.56.

Get Our Latest Analysis on Arista Networks

Insiders Place Their Bets

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $128.09, for a total value of $1,024,720.00. Following the sale, the director directly owned 25,784 shares of the company’s stock, valued at $3,302,672.56. This trade represents a 23.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 422 shares of Arista Networks stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $117.15, for a total transaction of $49,437.30. Following the sale, the director owned 8,980 shares of the company’s stock, valued at approximately $1,052,007. The trade was a 4.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 218,464 shares of company stock worth $30,309,988. 3.39% of the stock is currently owned by insiders.

Arista Networks Company Profile

(Free Report)

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.

Further Reading

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