OLD National Bancorp IN Decreases Stake in Arista Networks, Inc. $ANET

OLD National Bancorp IN lessened its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 14.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 85,184 shares of the technology company’s stock after selling 14,645 shares during the period. OLD National Bancorp IN’s holdings in Arista Networks were worth $12,412,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ANET. Brighton Jones LLC grew its stake in Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after acquiring an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Arista Networks during the 4th quarter worth approximately $202,000. Bison Wealth LLC purchased a new stake in shares of Arista Networks in the fourth quarter valued at approximately $251,000. Summit Financial LLC grew its position in shares of Arista Networks by 58.9% in the first quarter. Summit Financial LLC now owns 7,474 shares of the technology company’s stock valued at $579,000 after purchasing an additional 2,770 shares in the last quarter. Finally, Kestra Advisory Services LLC increased its holdings in shares of Arista Networks by 6.4% in the first quarter. Kestra Advisory Services LLC now owns 87,730 shares of the technology company’s stock valued at $6,797,000 after purchasing an additional 5,241 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ANET. Morgan Stanley lowered their price objective on Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. Melius Research boosted their price target on shares of Arista Networks from $160.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Wolfe Research upped their price objective on shares of Arista Networks from $160.00 to $185.00 and gave the company an “outperform” rating in a report on Friday, September 12th. JPMorgan Chase & Co. raised their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Finally, Wells Fargo & Company boosted their target price on shares of Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Seventeen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $163.56.

Arista Networks Trading Down 0.5%

Shares of ANET opened at $130.50 on Tuesday. The company’s 50-day moving average price is $135.92 and its 200 day moving average price is $128.43. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94. The firm has a market cap of $164.33 billion, a P/E ratio of 49.62, a price-to-earnings-growth ratio of 2.51 and a beta of 1.41.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.03. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. Arista Networks’s revenue was up 27.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.40 earnings per share. Equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total value of $2,994,431.10. Following the sale, the chief executive officer owned 9,917 shares of the company’s stock, valued at $1,235,162.35. The trade was a 70.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $128.09, for a total value of $1,024,720.00. Following the transaction, the director owned 25,784 shares in the company, valued at $3,302,672.56. This trade represents a 23.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 216,464 shares of company stock valued at $28,598,588. Company insiders own 3.54% of the company’s stock.

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.