Prudential Financial Inc. Acquires 1,095,948 Shares of Arista Networks, Inc. (NYSE:ANET)

Prudential Financial Inc. lifted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 201.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,640,616 shares of the technology company's stock after acquiring an additional 1,095,948 shares during the quarter. Prudential Financial Inc. owned approximately 0.13% of Arista Networks worth $181,337,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ANET. Interchange Capital Partners LLC boosted its stake in Arista Networks by 289.7% in the fourth quarter. Interchange Capital Partners LLC now owns 9,301 shares of the technology company's stock valued at $1,028,000 after acquiring an additional 6,914 shares during the last quarter. Hershey Financial Advisers LLC bought a new position in shares of Arista Networks in the 4th quarter worth $2,344,000. Corebridge Financial Inc. grew its stake in shares of Arista Networks by 299.7% during the fourth quarter. Corebridge Financial Inc. now owns 282,450 shares of the technology company's stock worth $31,219,000 after purchasing an additional 211,777 shares during the period. United Services Automobile Association acquired a new stake in shares of Arista Networks during the fourth quarter worth $2,628,000. Finally, Congress Wealth Management LLC DE increased its holdings in Arista Networks by 301.0% in the fourth quarter. Congress Wealth Management LLC DE now owns 270,552 shares of the technology company's stock valued at $29,904,000 after purchasing an additional 203,089 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

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Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now owns 163,784 shares of the company's stock, valued at $18,263,553.84. The trade was a 4.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company's stock, valued at approximately $1,101,013.60. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock valued at $49,112,111 in the last three months. 3.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on ANET. Piper Sandler restated a "neutral" rating and set a $108.00 target price (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Needham & Company LLC restated a "buy" rating and set a $145.00 price objective on shares of Arista Networks in a report on Wednesday, February 19th. The Goldman Sachs Group reiterated a "buy" rating on shares of Arista Networks in a report on Monday, March 3rd. Barclays reissued an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Citigroup raised their price objective on Arista Networks from $115.00 to $121.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $114.00.

Arista Networks Stock Performance

Arista Networks stock traded down $0.64 during midday trading on Tuesday, reaching $86.87. The stock had a trading volume of 7,775,434 shares, compared to its average volume of 8,570,789. The stock has a market capitalization of $109.55 billion, a P/E ratio of 39.13, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. The firm's fifty day simple moving average is $102.03 and its 200-day simple moving average is $101.92. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

About Arista Networks

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.