Arista Networks, Inc. $ANET Shares Sold by Richard Bernstein Advisors LLC

Key Points

• Richard Bernstein Advisors cut its position in Arista by 54.4% in Q3, selling 18,008 shares and leaving 15,108 shares valued at about $2.20 million.
• Arista beat expectations in the most recent quarter—EPS $0.82 vs. $0.75 estimate and revenue $2.49B vs. $2.38B—driving 28.9% YoY revenue growth and a consensus analyst rating of "Moderate Buy" with an average target of $176.88.
• Institutional ownership is high at 82.47%, led by Vanguard's stake of roughly 100.0 million shares (about $14.57 billion).

Richard Bernstein Advisors LLC cut its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 54.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,108 shares of the technology company's stock after selling 18,008 shares during the quarter. Richard Bernstein Advisors LLC's holdings in Arista Networks were worth $2,201,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Arista Networks by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 100,000,830 shares of the technology company's stock worth $14,571,121,000 after purchasing an additional 1,007,730 shares during the period. Cresset Asset Management LLC lifted its holdings in shares of Arista Networks by 1.0% in 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 period. Geode Capital Management LLC grew its holdings in Arista Networks by 0.5% during the second 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. Norges Bank purchased a new position in Arista Networks in the second quarter worth $1,228,177,000. Finally, Schroder Investment Management Group lifted its holdings in Arista Networks by 14.8% in the second quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company's stock valued at $1,073,654,000 after acquiring an additional 1,350,593 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Up 3.2%

ANET stock opened at $137.14 on Tuesday. The company has a market cap of $172.32 billion, a price-to-earnings ratio of 49.69, a PEG ratio of 2.36 and a beta of 1.46. The business has a fifty day simple moving average of $134.51 and a 200-day simple moving average of $137.26. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94.

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

Wall Street Analyst Weigh In

ANET has been the subject of several recent analyst reports. Piper Sandler reiterated an "overweight" rating and issued a $175.00 price objective (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. UBS Group set a $200.00 price objective on Arista Networks in a research note on Tuesday, February 24th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Arista Networks in a research report on Monday, December 29th. Wells Fargo & Company increased their price objective on shares of Arista Networks from $175.00 to $185.00 and gave the company an "overweight" rating in a research note on Friday, February 13th. Finally, Evercore reissued an "outperform" rating and set a $200.00 price objective on shares of Arista Networks in a research note on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $176.88.

Insider Activity at Arista Networks

In other Arista Networks news, Director Yvonne Wassenaar sold 1,815 shares of the company's stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total value of $240,378.60. Following the completion of the transaction, the director owned 12,574 shares in the company, valued at $1,665,300.56. This represents a 12.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the completion of the transaction, the director owned 9,784 shares in the company, valued at $1,373,967.12. This represents a 44.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 196,237 shares of company stock worth $25,865,760. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Company Profile

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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