Arista Networks, Inc. (NYSE:ANET) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 326.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 264,176 shares of the technology company's stock after acquiring an additional 202,185 shares during the period. PNC Financial Services Group Inc.'s holdings in Arista Networks were worth $29,199,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Arista Networks by 254.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 197,536 shares of the technology company's stock worth $22,980,000 after buying an additional 141,839 shares during the last quarter. Mesirow Financial Investment Management Inc. purchased a new position in shares of Arista Networks in the fourth quarter worth $227,000. Bradyco Inc. purchased a new position in shares of Arista Networks in the fourth quarter worth $836,000. Andra AP fonden raised its holdings in shares of Arista Networks by 234.9% in the fourth quarter. Andra AP fonden now owns 242,800 shares of the technology company's stock worth $26,837,000 after buying an additional 170,300 shares during the last quarter. Finally, Evergreen Private Wealth LLC raised its holdings in shares of Arista Networks by 294.0% in the fourth quarter. Evergreen Private Wealth LLC now owns 60,971 shares of the technology company's stock worth $6,739,000 after buying an additional 45,498 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and raised their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Barclays raised their target price on shares of Arista Networks from $125.00 to $126.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Piper Sandler reissued a "neutral" rating and set a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Citigroup raised their target price on shares of Arista Networks from $115.00 to $121.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. Finally, StockNews.com cut shares of Arista Networks from a "buy" rating to a "hold" rating in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and a consensus target price of $114.00.

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Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now directly owns 163,784 shares in the company, valued at approximately $18,263,553.84. The trade was a 4.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the business'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 owns 92,641 shares in the company, valued at $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 411,001 shares of company stock worth $42,324,111 over the last 90 days. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Down 1.2 %

Shares of NYSE ANET opened at $83.31 on Monday. The company's 50-day simple moving average is $108.92 and its 200-day simple moving average is $102.18. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.57. The firm has a market cap of $105.07 billion, a price-to-earnings ratio of 37.53, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.90 billion. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks 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.

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