Arista Networks, Inc. $ANET Shares Newly Purchased by Cohen Klingenstein LLC

Key Points

• Cohen Klingenstein LLC initiated a position in Arista Networks by purchasing 37,300 shares worth approximately $7.6 million. Institutional investors and hedge funds collectively own 82.47% of the company.
• Analysts remain bullish, with Arista receiving a consensus “Moderate Buy” rating and an average price target of $235.45; recent targets range from $220 to $289.
• Arista reported strong quarterly results, with earnings of $1.02 per share and revenue of $3.04 billion, up 37.7% year over year. However, the stock opened at $185.53, down 5.1%, while insiders sold approximately $740.8 million in shares during the quarter.

Cohen Klingenstein LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the third quarter, according to its most recent filing with the SEC. The firm purchased 37,300 shares of the technology company's stock, valued at approximately $7,594,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp grew its holdings in shares of Arista Networks by 159.4% in the 2nd quarter. State Street Corp now owns 121,303,125 shares of the technology company's stock worth $20,606,975,000 after acquiring an additional 74,541,134 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Arista Networks by 34.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 9,725,196 shares of the technology company's stock valued at $1,712,788,000 after purchasing an additional 2,497,275 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Arista Networks by 199.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 9,630,196 shares of the technology company's stock valued at $1,635,978,000 after purchasing an additional 6,409,612 shares in the last quarter. Deutsche Bank AG raised its holdings in Arista Networks by 4.3% during the second quarter. Deutsche Bank AG now owns 9,357,496 shares of the technology company's stock worth $1,589,651,000 after purchasing an additional 388,354 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Arista Networks by 5.9% during the second quarter. Wellington Management Group LLP now owns 8,440,963 shares of the technology company's stock worth $1,433,951,000 after purchasing an additional 470,451 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ANET has been the subject of several research analyst reports. Citigroup reaffirmed a "buy" rating and set a $248.00 price target (up from $215.00) on shares of Arista Networks in a research report on Thursday, October 8th. Bank of America reaffirmed a "buy" rating and set a $240.00 price target (up from $200.00) on shares of Arista Networks in a research note on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft began coverage on shares of Arista Networks in a report on Monday, August 31st. They issued a "buy" rating and a $220.00 price target on the stock. Needham & Company LLC reissued a "buy" rating and set a $260.00 price objective (up from $200.00) on shares of Arista Networks in a research note on Wednesday, August 5th. Finally, Barclays restated an "overweight" rating and set a $289.00 price objective (up from $195.00) on shares of Arista Networks in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $235.45.

Arista Networks Stock Down 5.1%

ANET opened at $185.53 on Friday. Arista Networks, Inc. has a 52-week low of $114.52 and a 52-week high of $217.41. The company has a 50 day moving average of $198.69 and a two-hundred day moving average of $174.33. The company has a market cap of $234.00 billion, a P/E ratio of 58.53, a P/E/G ratio of 2.27 and a beta of 1.60.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, August 4th. The technology company reported $1.02 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $2.83 billion. Arista Networks had a net margin of 38.37% and a return on equity of 30.65%. The business's revenue for the quarter was up 37.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.73 EPS. Arista Networks has set its Q3 2026 guidance at 1.060-1.080 EPS. Research analysts anticipate that Arista Networks, Inc. will post 3.79 earnings per share for the current year.

Insider Transactions at Arista Networks

In other Arista Networks news, CFO Chantelle Breithaupt sold 1,224 shares of the business's stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $215.00, for a total transaction of $263,160.00. Following the transaction, the chief financial officer owned 68,697 shares in the company, valued at $14,769,855. The trade was a 1.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jayshree Ullal sold 130,553 shares of the company's stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $217.10, for a total value of $28,343,056.30. Following the completion of the sale, the chief executive officer directly owned 4,774,691 shares of the company's stock, valued at $1,036,585,416.10. The trade was a 2.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 3,627,449 shares of company stock worth $740,784,723 in the last quarter. 2.70% of the stock is owned by corporate insiders.

Arista Networks Company Profile

Arista Networks, Inc develops and sells cloud networking solutions for data centers, campus environments and high-performance computing applications. Its products include Ethernet switches, routers, wireless access points and related networking equipment designed to support cloud computing, artificial intelligence, enterprise and service-provider networks.

The company's software portfolio includes Arista EOS, its network operating system, and CloudVision, a platform that helps customers manage, automate and monitor network infrastructure.

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