Truist Financial Corp Acquires 103,669 Shares of Arista Networks, Inc. $ANET

Truist Financial Corp lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 14.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 845,404 shares of the technology company’s stock after acquiring an additional 103,669 shares during the quarter. Truist Financial Corp’s holdings in Arista Networks were worth $110,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of ANET. Massachusetts Financial Services Co. MA lifted its stake in Arista Networks by 2,829.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock valued at $833,630,000 after acquiring an additional 5,525,828 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Arista Networks by 82.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,587,115 shares of the technology company’s stock valued at $1,396,939,000 after purchasing an additional 4,332,659 shares during the last quarter. M&T Bank Corp raised its holdings in shares of Arista Networks by 3,182.7% during the fourth quarter. M&T Bank Corp now owns 4,012,373 shares of the technology company’s stock valued at $525,741,000 after purchasing an additional 3,890,146 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in Arista Networks by 310.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,280,122 shares of the technology company’s stock valued at $298,868,000 after purchasing an additional 1,724,758 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Arista Networks by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 101,189,629 shares of the technology company’s stock worth $13,258,877,000 after purchasing an additional 1,188,799 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $172.70 on Tuesday. Arista Networks, Inc. has a 1-year low of $82.80 and a 1-year high of $179.80. The company’s fifty day simple moving average is $141.84 and its 200-day simple moving average is $137.69. The stock has a market capitalization of $217.46 billion, a PE ratio of 62.57, a P/E/G ratio of 3.03 and a beta of 1.67.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.75 by $0.07. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The firm had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. Arista Networks’s revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 EPS. As a group, research analysts anticipate that Arista Networks, Inc. will post 3.17 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ANET shares. TD Cowen began coverage on shares of Arista Networks in a research report on Thursday, March 12th. They issued a “buy” rating and a $170.00 target price for the company. Barclays reissued an “overweight” rating and set a $184.00 price target (up from $183.00) on shares of Arista Networks in a report on Friday, February 13th. Needham & Company LLC lifted their price objective on Arista Networks from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Susquehanna upgraded Arista Networks to a “strong-buy” rating in a research report on Wednesday, April 1st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $180.00 target price on shares of Arista Networks in a report on Friday. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Arista Networks currently has a consensus rating of “Buy” and a consensus price target of $178.67.

Insiders Place Their Bets

In other news, insider Kenneth Duda sold 32,000 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $163.31, for a total value of $5,225,920.00. Following the transaction, the insider owned 12,976 shares of the company’s stock, valued at $2,119,110.56. This trade represents a 71.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Yvonne Wassenaar sold 1,395 shares of Arista Networks stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $153.07, for a total value of $213,532.65. Following the transaction, the director directly owned 9,784 shares in the company, valued at approximately $1,497,636.88. The trade was a 12.48% 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 90 days, insiders have sold 1,494,729 shares of company stock valued at $245,304,519. 3.39% of the stock is currently owned by corporate insiders.

About Arista Networks

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.