Arista Networks, Inc. $ANET Stock: Pictet Asset Management Holding SA Lowers Holdings

Pictet Asset Management Holding SA reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 30.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,234,437 shares of the technology company’s stock after selling 1,424,442 shares during the period. Arista Networks makes up 0.6% of Pictet Asset Management Holding SA’s holdings, making the stock its 29th largest position. Pictet Asset Management Holding SA’s holdings in Arista Networks were worth $658,470,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in ANET. Main Street Group LTD acquired a new position in shares of Arista Networks in the first quarter valued at about $26,000. William Mack & Associates Inc. purchased a new position in Arista Networks in the third quarter valued at $27,000. ABS Investment Management LLC purchased a new stake in shares of Arista Networks during the 2nd quarter valued at approximately $29,000. ABS Direct Equity Fund LLC acquired a new position in shares of Arista Networks in the 2nd quarter valued at $29,000. Finally, Kelleher Financial Advisors purchased a new stake in Arista Networks in the 2nd quarter valued at about $31,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Up 7.2%

Shares of NYSE:ANET opened at $170.70 on Friday. The firm’s 50-day simple moving average is $192.59 and its 200-day simple moving average is $165.70. Arista Networks, Inc. has a fifty-two week low of $114.52 and a fifty-two week high of $217.41. The company has a market cap of $215.66 billion, a price-to-earnings ratio of 45.89, a PEG ratio of 1.71 and a beta of 1.61.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, November 3rd. The technology company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.33 billion. Arista Networks had a return on equity of 32.20% and a net margin of 39.97%. The company’s revenue for the quarter was up 58.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 EPS. On average, research analysts forecast that Arista Networks, Inc. will post 3.85 EPS for the current year.

Analysts Set New Price Targets

ANET has been the topic of several recent analyst reports. BNP Paribas Exane upgraded shares of Arista Networks to a “strong-buy” rating in a report on Wednesday, October 14th. The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 price objective on shares of Arista Networks in a research report on Wednesday, August 5th. Bank of America restated a “buy” rating and set a $240.00 price objective (up from $200.00) on shares of Arista Networks in a research report on Wednesday, August 5th. JPMorgan Chase & Co. boosted their target price on Arista Networks from $250.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, UBS Group reaffirmed a “buy” rating and issued a $291.00 target price (up from $259.00) on shares of Arista Networks in a report on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $240.24.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 573,509 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $208.13, for a total value of $119,364,428.17. Following the completion of the transaction, the chief executive officer directly owned 25,000 shares of the company’s stock, valued at approximately $5,203,250. This trade represents a 95.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Andreas Bechtolsheim sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $198.95, for a total value of $59,685,000.00. Following the completion of the transaction, the insider directly owned 180,543,048 shares of the company’s stock, valued at $35,919,039,399.60. The trade was a 0.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 2,380,998 shares of company stock valued at $482,687,801. Corporate insiders own 2.70% of the company’s stock.

Trending Headlines about Arista Networks

Here are the key news stories impacting Arista Networks this week:

• Positive Sentiment: Arista reported third-quarter revenue of $3.66 billion, up 58.5% year over year and above estimates, while EPS of $1.20 also beat expectations. The company raised its outlook, citing demand for AI data-center networking, Ethernet adoption, and growth across hyperscale and enterprise customers. Read More.
• Positive Sentiment: Analyst support offers another tailwind: Melius Research initiated coverage with a “strong-buy” rating, while other recent reports cited buy ratings and bullish price targets. Read More.
• Neutral Sentiment: The recent selloff has left investors debating whether the pullback creates a buying opportunity. ANET has declined substantially over the past month despite its strong results, leaving sentiment divided. Read More.
• Negative Sentiment: Valuation and customer concentration remain risks: Arista’s premium forward earnings multiple leaves less room for disappointment, while reliance on a limited number of large customers could make growth more vulnerable to spending changes. Read More.
• Negative Sentiment: Shares have also faced pressure from a broader AI-infrastructure stock selloff and reported insider sales. Those sales included transactions under pre-arranged trading plans, but can still add to near-term investor caution. Read More.

About Arista Networks

Arista Networks, Inc develops software-driven networking products for large data centers, cloud environments, AI workloads, and enterprise campuses. Its offerings include Ethernet switches and routers, along with software and services for managing, monitoring, and securing networks.

The company’s software portfolio includes its Extensible Operating System (EOS), which runs across its networking platforms, and CloudVision, a platform for network automation and management. Arista’s products are used by cloud providers, businesses, and other organizations to connect and manage computing infrastructure.

Founded in 2004 and headquartered in Santa Clara, California, Arista serves customers worldwide.