Allstate Corp Sells 5,713 Shares of Arista Networks, Inc. $ANET

Key Points

• Allstate Corp has reduced its stake in Arista Networks by 17.4%, selling 5,713 shares and holding a total of 27,141 shares valued at $2,103,000 at the end of Q1.
• Arista Networks' CEO, Jayshree Ullal, recently sold 192,979 shares for approximately $26.95 million, reducing her ownership by 3.32%.
• Multiple analysts have updated their price targets for Arista Networks, with Goldman Sachs raising its target to $155.00, while Evercore ISI set a target of $150.00 and maintained an "outperform" rating.

Allstate Corp reduced its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 17.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,141 shares of the technology company's stock after selling 5,713 shares during the period. Allstate Corp's holdings in Arista Networks were worth $2,103,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Arista Networks by 1.8% during the first quarter. Vanguard Group Inc. now owns 97,856,933 shares of the technology company's stock worth $7,581,955,000 after acquiring an additional 1,771,982 shares during the last quarter. Cresset Asset Management LLC increased its stake in shares of Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares during the period. Nuveen LLC bought a new position in shares of Arista Networks during the first quarter worth approximately $933,626,000. Nuveen Asset Management LLC lifted its holdings in Arista Networks by 330.8% during the 4th quarter. Nuveen Asset Management LLC now owns 11,292,585 shares of the technology company's stock worth $1,248,169,000 after purchasing an additional 8,671,235 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Arista Networks by 3.7% in the 1st quarter. Northern Trust Corp now owns 10,315,493 shares of the technology company's stock valued at $799,244,000 after purchasing an additional 372,677 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 192,979 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $139.67, for a total value of $26,953,376.93. Following the sale, the chief executive officer directly owned 5,623,721 shares in the company, valued at $785,465,112.07. This represents a 3.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $117.01, for a total transaction of $936,080.00. Following the sale, the director owned 57,784 shares of the company's stock, valued at approximately $6,761,305.84. This trade represents a 12.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,823,574 shares of company stock worth $721,676,802 in the last ninety days. Company insiders own 3.39% of the company's stock.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $133.1660 on Friday. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $141.99. The stock has a market capitalization of $167.37 billion, a price-to-earnings ratio of 52.38, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. The company's 50 day simple moving average is $113.86 and its 200 day simple moving average is $96.93.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.08. The firm had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.11 billion. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%.The business's revenue for the quarter was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.53 earnings per share. Arista Networks has set its Q3 2025 guidance at EPS. As a group, analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ANET. Evercore ISI set a $150.00 target price on shares of Arista Networks and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Piper Sandler lifted their price objective on shares of Arista Networks from $89.00 to $143.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. The Goldman Sachs Group raised their target price on shares of Arista Networks from $115.00 to $155.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, KGI Securities cut Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Fourteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $138.07.

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.

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