Corebridge Financial Inc. Trims Position in Arista Networks, Inc. $ANET

Key Points

• Corebridge Financial Inc. reduced its holdings in Arista Networks by 1.4% during Q1, now owning 278,534 shares valued at approximately $21.58 million.
• Several large investors increased their stakes in Arista Networks, with Kayne Anderson Rudnick raising its position by 211.2% and Jump Financial increasing it by 212.6% in the same quarter.
• Arista Networks reported $2.20 billion in revenue for the last quarter, exceeding analyst expectations and marking a 30.4% year-over-year growth.

Corebridge Financial Inc. lessened its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 1.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 278,534 shares of the technology company's stock after selling 3,916 shares during the quarter. Corebridge Financial Inc.'s holdings in Arista Networks were worth $21,581,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Arista Networks by 211.2% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,979 shares of the technology company's stock worth $153,000 after buying an additional 1,343 shares during the period. Comerica Bank raised its position in shares of Arista Networks by 8.8% in the 1st quarter. Comerica Bank now owns 239,780 shares of the technology company's stock worth $18,578,000 after buying an additional 19,425 shares during the period. Freedom Investment Management Inc. raised its position in shares of Arista Networks by 3.2% in the 1st quarter. Freedom Investment Management Inc. now owns 9,182 shares of the technology company's stock worth $711,000 after buying an additional 288 shares during the period. Quantitative Investment Management LLC raised its position in shares of Arista Networks by 600.2% in the 1st quarter. Quantitative Investment Management LLC now owns 59,878 shares of the technology company's stock worth $4,639,000 after buying an additional 51,327 shares during the period. Finally, Jump Financial LLC raised its position in shares of Arista Networks by 212.6% in the 1st quarter. Jump Financial LLC now owns 430,115 shares of the technology company's stock worth $33,325,000 after buying an additional 292,534 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ANET. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Wedbush assumed coverage on Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating on the stock. KeyCorp raised their target price on Arista Networks from $115.00 to $145.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Wolfe Research assumed coverage on Arista Networks in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Finally, Rosenblatt Securities raised their target price on Arista Networks from $106.00 to $125.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Fourteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.07.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $133.06 on Tuesday. The business has a 50-day moving average of $114.63 and a 200-day moving average of $96.78. The company has a market capitalization of $167.24 billion, a PE ratio of 52.33, a P/E/G ratio of 3.13 and a beta of 1.37. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $141.99.

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

Arista Networks declared that its board has authorized a share buyback program on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $117.01, for a total transaction of $936,080.00. Following the transaction, the director directly owned 57,784 shares in the company, valued at approximately $6,761,305.84. The trade was a 12.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 30,000 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $136.51, for a total transaction of $4,095,300.00. Following the transaction, the senior vice president owned 12,976 shares in the company, valued at approximately $1,771,353.76. This represents a 69.81% 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 valued at $721,676,802 over the last quarter. Corporate insiders own 3.54% of the company's stock.

About Arista Networks

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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