Arista Networks, Inc. (NYSE:ANET) Shares Bought by Corebridge Financial Inc.

Corebridge Financial Inc. grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 299.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 282,450 shares of the technology company’s stock after purchasing an additional 211,777 shares during the period. Corebridge Financial Inc.’s holdings in Arista Networks were worth $31,219,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ANET. Caitlin John LLC increased its stake in Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC increased its stake in shares of Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after acquiring an additional 191 shares during the period. Cranbrook Wealth Management LLC raised its holdings in Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares in the last quarter. Trust Co. of Vermont lifted its position in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the period. Finally, New Millennium Group LLC increased its position in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after purchasing an additional 195 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ANET. Evercore ISI upped their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Erste Group Bank lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Price Performance

NYSE:ANET opened at $83.26 on Monday. The stock’s 50-day moving average is $102.53 and its two-hundred day moving average is $101.89. The stock has a market cap of $104.99 billion, a PE ratio of 37.50, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. On average, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares in the company, valued at $8,697,137.08. This trade represents a 59.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total value of $892,080.00. Following the sale, the director now owns 163,784 shares of the company’s stock, valued at approximately $18,263,553.84. This trade represents a 4.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock worth $49,112,111 in the last three months. 3.54% of the stock is owned by insiders.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.