Twin Capital Management Inc. Decreases Position in Arista Networks, Inc. (NYSE:ANET)

Twin Capital Management Inc. cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,769 shares of the technology company’s stock after selling 360 shares during the period. Twin Capital Management Inc.’s holdings in Arista Networks were worth $4,656,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Larson Financial Group LLC bought a new position in shares of Arista Networks during the third quarter valued at approximately $28,000. First Command Advisory Services Inc. bought a new position in Arista Networks in the third quarter worth approximately $29,000. Hollencrest Capital Management bought a new position in Arista Networks in the first quarter worth approximately $30,000. BluePath Capital Management LLC bought a new position in Arista Networks in the third quarter worth approximately $33,000. Finally, NBC Securities Inc. bought a new position in Arista Networks in the third quarter worth approximately $33,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on ANET shares. Piper Sandler increased their price objective on Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 13th. JPMorgan Chase & Co. increased their price objective on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Oppenheimer reaffirmed a “market perform” rating on shares of Arista Networks in a research report on Tuesday, February 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research report on Tuesday, February 13th. Finally, JMP Securities reiterated a “market outperform” rating and set a $325.00 price objective on shares of Arista Networks in a report on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $275.59.

Arista Networks Price Performance

ANET stock traded down $1.52 during trading on Thursday, hitting $257.75. The stock had a trading volume of 1,145,896 shares, compared to its average volume of 2,438,885. Arista Networks, Inc. has a twelve month low of $131.68 and a twelve month high of $307.74. The stock has a market capitalization of $80.58 billion, a P/E ratio of 39.49, a PEG ratio of 2.24 and a beta of 1.09. The company’s 50-day moving average price is $281.39 and its two-hundred day moving average price is $244.06.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.38. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the firm posted $1.25 EPS. Arista Networks’s revenue was up 20.8% compared to the same quarter last year. As a group, sell-side analysts expect that Arista Networks, Inc. will post 6.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 22,000 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $303.00, for a total value of $6,666,000.00. Following the transaction, the chief executive officer now directly owns 1,665,300 shares of the company’s stock, valued at approximately $504,585,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $284.31, for a total value of $5,686,200.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $922,301.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 22,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $303.00, for a total value of $6,666,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,665,300 shares in the company, valued at approximately $504,585,900. The disclosure for this sale can be found here. Insiders have sold 342,415 shares of company stock valued at $98,017,152 in the last ninety days. 18.99% of the stock is currently owned by corporate insiders.

About Arista Networks

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.