Bokf Na Acquires 22,339 Shares of Arista Networks, Inc. $ANET

Key Points

• Bokf Na raised its Arista stake by 26.7% in Q3, buying 22,339 shares to hold 106,091 shares worth about $15.46 million.
• Arista beat quarterly expectations, reporting EPS of $0.82 vs. $0.75 and revenue of $2.49B vs. $2.38B, a 28.9% year-over-year revenue increase and roughly a 39% net margin.
• Analysts are largely bullish (17 Buy vs. 5 Hold) with a consensus price target of $176.88, but insiders sold ~196,237 shares (~$25.9M) last quarter and now own just 3.39% of the stock.

Bokf Na grew its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 26.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 106,091 shares of the technology company's stock after buying an additional 22,339 shares during the quarter. Bokf Na's holdings in Arista Networks were worth $15,459,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in ANET. Global Trust Asset Management LLC boosted its position in shares of Arista Networks by 33.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company's stock worth $2,808,000 after purchasing an additional 4,780 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in Arista Networks in the third quarter valued at about $8,263,000. National Wealth Management Group LLC bought a new stake in Arista Networks in the third quarter valued at about $1,296,000. Vanguard Group Inc. lifted its stake in Arista Networks by 1.2% in the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company's stock valued at $10,127,984,000 after buying an additional 1,136,167 shares during the period. Finally, Holocene Advisors LP acquired a new position in Arista Networks in the second quarter valued at about $247,451,000. 82.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ANET. Morgan Stanley restated an "overweight" rating and set a $165.00 target price on shares of Arista Networks in a research report on Friday, February 13th. Piper Sandler reiterated an "overweight" rating and issued a $175.00 price target (up from $159.00) on shares of Arista Networks in a research report on Friday, February 13th. Barclays reissued an "overweight" rating and set a $184.00 price objective (up from $183.00) on shares of Arista Networks in a research note on Friday, February 13th. KeyCorp restated an "overweight" rating and set a $178.00 price objective (up from $170.00) on shares of Arista Networks in a report on Friday, February 13th. Finally, Evercore reaffirmed an "outperform" rating and issued a $200.00 target price 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 given a Hold rating to the company. According to data from MarketBeat.com, Arista Networks currently has an average rating of "Moderate Buy" and a consensus price target of $176.88.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $138.33 on Thursday. The company has a market capitalization of $173.81 billion, a P/E ratio of 50.12, a price-to-earnings-growth ratio of 2.48 and a beta of 1.46. The business has a 50-day moving average of $134.80 and a two-hundred day moving average of $137.32. 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 data on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.07. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The business had revenue of $2.49 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter in the previous year, the business posted $0.66 EPS. Arista Networks's revenue for the quarter was up 28.9% on a year-over-year basis. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $140.43, for a total value of $1,123,440.00. Following the transaction, the director owned 9,784 shares of the company's stock, valued at approximately $1,373,967.12. The trade was a 44.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Kenneth Duda sold 32,000 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $142.44, for a total transaction of $4,558,080.00. Following the sale, the insider directly owned 12,976 shares of the company's stock, valued at $1,848,301.44. This represents a 71.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 196,237 shares of company stock valued at $25,865,760. 3.39% 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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