Truist Financial Corp Grows Stock Position in Arista Networks, Inc. $ANET

Key Points

• Truist Financial Corp boosted its Arista stake 14% to 845,404 shares (about $110.8M), and institutional investors now own roughly 82.47% of the stock.
• Wall Street is broadly positive with a consensus "Buy" rating and an average price target of $178.67, as several firms raised targets (JPMorgan $200, Goldman $188, Piper Sandler $175).
• Despite a strong quarter (EPS $0.82 vs. $0.75, revenue $2.49B, +28.9% YoY), insiders sold about 1.49M shares worth ~$245.3M in the last 90 days, including pre-arranged Rule 10b5-1 sales by senior executives.

Truist Financial Corp boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 14.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 845,404 shares of the technology company's stock after acquiring an additional 103,669 shares during the quarter. Truist Financial Corp owned 0.07% of Arista Networks worth $110,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ANET. Brighton Jones LLC grew its holdings in shares of Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after acquiring an additional 5,955 shares during the period. Revolve Wealth Partners LLC purchased a new position in shares of Arista Networks in the 4th quarter valued at approximately $202,000. Bison Wealth LLC bought a new stake in shares of Arista Networks during the fourth quarter valued at approximately $251,000. Sivia Capital Partners LLC boosted its position in shares of Arista Networks by 48.4% during the second quarter. Sivia Capital Partners LLC now owns 10,723 shares of the technology company's stock valued at $1,097,000 after purchasing an additional 3,496 shares in the last quarter. Finally, Gamco Investors INC. ET AL grew its stake in Arista Networks by 31.3% in the second quarter. Gamco Investors INC. ET AL now owns 4,193 shares of the technology company's stock worth $429,000 after purchasing an additional 1,000 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ANET shares. JPMorgan Chase & Co. increased their price objective on Arista Networks from $190.00 to $200.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Piper Sandler reaffirmed an "overweight" rating and issued a $175.00 target price (up from $159.00) on shares of Arista Networks in a research report on Friday, February 13th. The Goldman Sachs Group reiterated a "buy" rating and issued a $188.00 price target (up from $165.00) on shares of Arista Networks in a research note on Friday, February 13th. Susquehanna raised shares of Arista Networks to a "strong-buy" rating in a research report on Wednesday, April 1st. Finally, Wells Fargo & Company boosted their price objective on shares of Arista Networks from $175.00 to $185.00 and gave the stock an "overweight" rating in a research note on Friday, February 13th. Three analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $178.67.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CFO Chantelle Yvette Breithaupt sold 8,890 shares of Arista Networks stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $155.02, for a total value of $1,378,127.80. Following the completion of the transaction, the chief financial officer directly owned 60,734 shares of the company's stock, valued at approximately $9,414,984.68. The trade was a 12.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kenneth Duda sold 32,000 shares of the company's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $163.31, for a total transaction of $5,225,920.00. Following the completion of the transaction, the insider owned 12,976 shares in the company, valued at approximately $2,119,110.56. This represents a 71.15% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,494,729 shares of company stock worth $245,304,519 in the last 90 days. Insiders own 3.39% of the company's stock.

Arista Networks Trading Up 0.0%

NYSE ANET opened at $172.70 on Tuesday. Arista Networks, Inc. has a 12 month low of $82.80 and a 12 month high of $179.80. The stock has a market cap of $217.46 billion, a P/E ratio of 62.57, a P/E/G ratio of 3.03 and a beta of 1.67. The stock's fifty day moving average price is $141.84 and its 200-day moving average price is $137.69.

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, topping the consensus estimate of $0.75 by $0.07. The firm had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.Arista Networks's quarterly revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 EPS. As a group, analysts forecast that Arista Networks, Inc. will post 3.17 earnings per share for the current fiscal year.

Arista Networks 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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