Legacy Private Trust Co. Acquires 49,159 Shares of Arista Networks, Inc. $ANET

Key Points

• Legacy Private Trust Co. acquired 49,159 shares of Arista Networks during the third quarter, valued at approximately $10.0 million. Institutional investors collectively own 82.47% of the company.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $231.70; recent targets range as high as $250.
• Arista reported stronger-than-expected quarterly results, including $1.02 in EPS and $3.04 billion in revenue, up 37.7% year over year. The stock recently traded at $212.90, near its 12-month high.

Legacy Private Trust Co. bought a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 49,159 shares of the technology company's stock, valued at approximately $10,008,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ANET. Deutsche Bank AG grew its holdings in shares of 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. Ferguson Wellman Capital Management Inc. increased its position in Arista Networks by 2,827.9% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 52,381 shares of the technology company's stock worth $10,664,000 after purchasing an additional 50,592 shares during the period. First National Bank of Mount Dora Trust Investment Services purchased a new position in Arista Networks in the first quarter worth $5,279,000. Whitaker Myers Wealth Managers LTD. lifted its stake in shares of Arista Networks by 564.1% in the second quarter. Whitaker Myers Wealth Managers LTD. now owns 16,847 shares of the technology company's stock valued at $2,862,000 after purchasing an additional 14,310 shares during the period. Finally, Nilsine Partners LLC lifted its position in shares of Arista Networks by 521.6% during the 2nd quarter. Nilsine Partners LLC now owns 32,657 shares of the technology company's stock valued at $5,548,000 after acquiring an additional 27,403 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Arista Networks

In related news, Director Mark Templeton sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $204.37, for a total value of $1,021,850.00. Following the completion of the sale, the director directly owned 48,410 shares in the company, valued at approximately $9,893,551.70. The trade was a 9.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kenneth Duda sold 17,333 shares of the stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $203.50, for a total transaction of $3,527,265.50. Following the transaction, the insider directly owned 12,976 shares in the company, valued at approximately $2,640,616. This represents a 57.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 3,387,316 shares of company stock valued at $676,926,570 in the last quarter. Insiders own 2.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ANET. Sanford C. Bernstein started coverage on shares of Arista Networks in a research note on Wednesday, September 30th. They issued an "outperform" rating and a $250.00 price objective on the stock. Wolfe Research reiterated an "outperform" rating and set a $175.00 price objective on shares of Arista Networks in a research report on Wednesday, June 10th. Piper Sandler reissued an "overweight" rating and issued a $240.00 target price (up from $181.00) on shares of Arista Networks in a research note on Wednesday, August 5th. Citigroup restated a "buy" rating on shares of Arista Networks in a report on Thursday, August 6th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $225.00 price target on shares of Arista Networks in a research note on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $231.70.

Arista Networks Stock Performance

NYSE ANET traded up $6.00 during trading hours on Tuesday, hitting $212.90. 3,976,914 shares of the company's stock were exchanged, compared to its average volume of 7,935,354. The business's 50 day moving average is $194.51 and its 200-day moving average is $170.06. Arista Networks, Inc. has a 12-month low of $114.52 and a 12-month high of $214.89. The firm has a market capitalization of $268.51 billion, a P/E ratio of 67.19, a price-to-earnings-growth ratio of 2.44 and a beta of 1.60.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The technology company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.89 by $0.13. Arista Networks had a return on equity of 30.65% and a net margin of 38.37%.The company had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $2.83 billion. During the same quarter in the previous year, the business earned $0.73 EPS. The firm's revenue was up 37.7% on a year-over-year basis. Arista Networks has set its Q3 2026 guidance at 1.060-1.080 EPS. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 3.74 EPS for the current fiscal year.

About Arista Networks

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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