FourThought Financial Partners LLC has reduced its investment in Arista Networks, Inc. (NYSE: ANET) by 8.6%, as detailed in its latest 13F filing with the Securities and Exchange Commission. The firm now holds 5,421 shares, following the sale of 511 shares during the second quarter. The current value of FourThought’s holdings in Arista Networks stands at approximately $555,000.
Other institutional investors have also made significant changes to their stakes in Arista Networks. For example, Commonwealth Equity Services LLC increased its position by 19.8% in the first quarter, now owning 613,309 shares valued at $47.5 million after acquiring an additional 101,162 shares. Meanwhile, Westfield Capital Management Co. LP established a new stake worth about $15.2 million. Vanguard Group Inc. has also added to its holdings, increasing its stake by 1.2% in the second quarter, resulting in ownership of 98,993,100 shares valued at about $10.1 billion.
Soltis Investment Advisors LLC has made a notable increase of 99.3% in its holdings of Arista Networks, now owning 40,428 shares valued at approximately $4.1 million after purchasing an additional 20,141 shares. Wedge Capital Management L L P NC also entered the fray with a new position worth about $212,000. Currently, institutional investors and hedge funds own 82.47% of Arista Networks’ stock.
Stock Performance and Analyst Ratings
As of October 10, 2023, Arista Networks shares opened at $125.08. The stock has experienced a fifty-two week low of $59.43 and a high of $164.94. The company boasts a market capitalization of $157.51 billion, with a price-to-earnings ratio of 49.20 and a P/E/G ratio of 3.37, indicating a robust growth outlook.
Analysts have been optimistic about Arista Networks’ prospects. Needham & Company LLC recently raised its target price from $155.00 to $160.00, maintaining a “buy” rating. Wells Fargo & Company also increased its price objective from $150.00 to $175.00, reflecting an “overweight” rating. KeyCorp set its target price at $145.00 while Morgan Stanley established a target of $171.00. Evercore ISI has similarly raised its price target from $150.00 to $175.00, with a rating of “outperform.” The consensus rating for Arista Networks is currently classified as “Moderate Buy” with a consensus target price of $164.31.
Insider Trading Activity
In related news, insider Kenneth Duda sold 30,000 shares of Arista Networks on November 17, 2023, for an average price of $128.61, totaling approximately $3.86 million. Following this transaction, Duda retains 12,976 shares valued at around $1.67 million, marking a 69.81% decrease in his ownership.
Furthermore, Director Charles H. Giancarlo sold 58,000 shares on September 19, 2023, at an average price of $148.42, resulting in a total transaction value of $8.61 million. Over the past three months, insiders have sold a total of 1,985,422 shares valued at approximately $290.78 million, while insiders currently own 3.39% of the company’s stock.
Arista Networks, Inc. specializes in developing and marketing networking solutions for data center, campus, and routing environments across various regions, including the Americas, Europe, and Asia-Pacific. The company is known for its innovative Extensible Operating System (EOS), which supports a range of network applications.
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