Bremer Bank National Association Sells 3,006 Shares of Arista Networks, Inc. (NYSE:ANET)

Bremer Bank National Association decreased its stake in Arista Networks, Inc. (NYSE:ANET) by 9.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,434 shares of the technology company’s stock after selling 3,006 shares during the quarter. Arista Networks accounts for about 1.9% of Bremer Bank National Association’s portfolio, making the stock its 14th largest position. Bremer Bank National Association’s holdings in Arista Networks were worth $9,966,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. FCG Investment Co lifted its stake in Arista Networks by 2.3% in the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after buying an additional 29 shares during the period. Old Port Advisors raised its position in shares of Arista Networks by 3.5% during the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after purchasing an additional 32 shares during the period. Fortitude Family Office LLC raised its position in shares of Arista Networks by 33.3% during the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after purchasing an additional 33 shares during the period. NBC Securities Inc. raised its position in shares of Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after purchasing an additional 38 shares during the period. Finally, Sandy Spring Bank raised its position in shares of Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after purchasing an additional 39 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ANET shares. Wells Fargo & Company increased their price objective on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Citigroup increased their price objective on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Bank of America increased their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Piper Sandler increased their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Finally, Evercore ISI raised their price target on Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $353.38.

Arista Networks Trading Up 0.7 %

NYSE ANET traded up $2.46 during midday trading on Wednesday, hitting $348.65. The company had a trading volume of 1,682,291 shares, compared to its average volume of 2,456,726. The company has a market capitalization of $109.25 billion, a PE ratio of 48.22, a P/E/G ratio of 2.70 and a beta of 1.11. The firm has a 50-day moving average price of $336.11 and a 200-day moving average price of $301.62. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $376.50.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the previous year, the firm earned $1.41 EPS. Arista Networks’s revenue was up 15.9% on a year-over-year basis. On average, equities analysts anticipate that Arista Networks, Inc. will post 7.29 EPS for the current year.

Arista Networks announced that its board has approved a share repurchase plan on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Arista Networks

In related news, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the sale, the director now owns 2,726 shares in the company, valued at approximately $883,278.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the sale, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,624,679.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the sale, the director now owns 2,726 shares in the company, valued at approximately $883,278.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,066 shares of company stock valued at $47,619,894. Corporate insiders own 3.54% of the company’s stock.

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.