Allspring Global Investments Holdings LLC Has $260.33 Million Stock Holdings in Arista Networks, Inc. $ANET

Key Points

• Allspring Global Investments cut its Arista Networks stake by 11.9% to 1,948,605 shares, a holding valued at about $260.33 million (roughly 0.15% of the company).
• Arista beat Q4 expectations, reporting $0.82 EPS vs. $0.75 expected and $2.49B revenue vs. $2.38B, with revenue up 28.9% year-over-year and a net margin of 38.99%.
• Research firms have raised price targets and the consensus rating is a "Moderate Buy" with an average target of $176.47, while insiders sold about 199,632 shares (≈$26.94M) over the past 90 days.

Allspring Global Investments Holdings LLC decreased its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 11.9% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,948,605 shares of the technology company's stock after selling 263,854 shares during the period. Allspring Global Investments Holdings LLC owned about 0.15% of Arista Networks worth $260,334,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Global Trust Asset Management LLC lifted its holdings in shares of 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. Rakuten Investment Management Inc. bought a new position in Arista Networks during the third quarter worth $8,263,000. National Wealth Management Group LLC bought a new position in shares of Arista Networks in the 3rd quarter worth about $1,296,000. Holocene Advisors LP acquired a new position in Arista Networks in the second quarter valued at approximately $247,451,000. Finally, Three Seasons Wealth LLC acquired a new stake in shares of Arista Networks during the 3rd quarter worth approximately $2,483,000. 82.47% of the stock is owned by institutional investors.

Arista Networks Price Performance

NYSE ANET opened at $115.86 on Tuesday. The company has a fifty day moving average price of $135.21 and a 200-day moving average price of $136.50. The firm has a market cap of $145.59 billion, a price-to-earnings ratio of 41.98, a PEG ratio of 2.14 and a beta of 1.46. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.07. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the firm earned $0.66 earnings per share. The firm's revenue was up 28.9% on a year-over-year basis. On average, research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Analysts Set New Price Targets

ANET has been the topic of a number of research analyst reports. Piper Sandler reissued an "overweight" rating and set a $175.00 price objective (up from $159.00) on shares of Arista Networks in a research report on Friday, February 13th. Wells Fargo & Company upped their price objective on shares of Arista Networks from $175.00 to $185.00 and gave the stock an "overweight" rating in a report on Friday, February 13th. Barclays reaffirmed an "overweight" rating and issued a $184.00 price objective (up from $183.00) on shares of Arista Networks in a research note on Friday, February 13th. Morgan Stanley reiterated an "overweight" rating and set a $165.00 price objective on shares of Arista Networks in a report on Friday, February 13th. Finally, Rosenblatt Securities boosted their target price on shares of Arista Networks from $140.00 to $165.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 10th. Eighteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $176.47.

Insiders Place Their Bets

In related news, Director Yvonne Wassenaar sold 1,815 shares of Arista Networks stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total transaction of $240,378.60. Following the sale, the director directly owned 12,574 shares in the company, valued at approximately $1,665,300.56. This trade represents a 12.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kenneth Duda sold 32,000 shares of the business's stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $134.14, for a total value of $4,292,480.00. Following the completion of the transaction, the insider directly owned 12,976 shares in the company, valued at approximately $1,740,600.64. This represents a 71.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 199,632 shares of company stock valued at $26,936,324 in the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

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.

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