Arista Networks, Inc. $ANET is Firsthand Capital Management Inc.'s 10th Largest Position

Key Points

• Firsthand Capital Management Inc. has increased its holdings in Arista Networks, Inc. by 125%, acquiring an additional 10,000 shares, bringing its total to 18,000 shares valued at approximately $1.4 million.
• Arista Networks reported a Q2 earnings per share (EPS) of $0.73, exceeding analysts' expectations, and a revenue of $2.2 billion, showing a year-over-year increase of 30.4%.
• CEO Jayshree Ullal and SVP Kenneth Duda sold significant portions of their shareholdings recently, indicating a 70%+ decrease in ownership for both executives.

Firsthand Capital Management Inc. boosted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 125.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,000 shares of the technology company's stock after purchasing an additional 10,000 shares during the period. Arista Networks comprises approximately 3.4% of Firsthand Capital Management Inc.'s portfolio, making the stock its 10th biggest holding. Firsthand Capital Management Inc.'s holdings in Arista Networks were worth $1,395,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Quarry LP raised its position in shares of Arista Networks by 503.5% in the first quarter. Quarry LP now owns 1,569 shares of the technology company's stock valued at $122,000 after purchasing an additional 1,309 shares during the period. Saudi Central Bank bought a new stake in Arista Networks during the first quarter valued at $33,000. Benchmark Investment Advisors LLC raised its position in shares of Arista Networks by 62.5% during the 1st quarter. Benchmark Investment Advisors LLC now owns 37,344 shares of the technology company's stock valued at $2,893,000 after buying an additional 14,365 shares in the last quarter. Vident Advisory LLC raised its position in shares of Arista Networks by 61.3% during the 1st quarter. Vident Advisory LLC now owns 228,537 shares of the technology company's stock valued at $17,707,000 after buying an additional 86,855 shares in the last quarter. Finally, Evergreen Capital Management LLC grew its position in Arista Networks by 6.1% during the first quarter. Evergreen Capital Management LLC now owns 8,578 shares of the technology company's stock valued at $665,000 after acquiring an additional 496 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ANET. The Goldman Sachs Group increased their target price on Arista Networks from $115.00 to $155.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. BNP Paribas downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. BNP Paribas Exane downgraded shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective on the stock. in a research report on Wednesday, June 11th. Erste Group Bank raised shares of Arista Networks from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Finally, Piper Sandler boosted their price objective on shares of Arista Networks from $89.00 to $143.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Fourteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $138.07.

Arista Networks Trading Down 0.6%

NYSE:ANET traded down $0.82 on Tuesday, reaching $135.73. 7,410,941 shares of the stock traded hands, compared to its average volume of 8,602,078. The company has a market capitalization of $170.60 billion, a price-to-earnings ratio of 55.56, a PEG ratio of 3.21 and a beta of 1.50. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $141.99. The company's fifty day simple moving average is $119.20 and its 200 day simple moving average is $97.57.

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

Arista Networks declared that its board has authorized a stock repurchase plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 30,000 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $136.51, for a total transaction of $4,095,300.00. Following the sale, the senior vice president directly owned 12,976 shares of the company's stock, valued at $1,771,353.76. This trade represents a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 24,040 shares of the stock in a transaction on Monday, August 25th. The shares were sold at an average price of $132.77, for a total value of $3,191,790.80. Following the sale, the chief executive officer directly owned 9,917 shares in the company, valued at $1,316,680.09. This trade represents a 70.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,839,614 shares of company stock valued at $724,163,153 over the last ninety days. Insiders own 3.54% of the company's stock.

Arista Networks 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.