SouthState Corp Purchases 800 Shares of Arista Networks, Inc. (NYSE:ANET)

SouthState Corp increased its holdings in Arista Networks, Inc. (NYSE:ANET) by 792.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 901 shares of the technology company’s stock after purchasing an additional 800 shares during the quarter. SouthState Corp’s holdings in Arista Networks were worth $316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of ANET. FCG Investment Co increased its stake in shares of Arista Networks by 2.3% during 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 increased its position in Arista Networks by 3.5% during the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock valued at $277,000 after purchasing an additional 32 shares during the period. Fortitude Family Office LLC lifted its position in shares of Arista Networks by 33.3% in the 2nd 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. Resonant Capital Advisors LLC boosted its stake in shares of Arista Networks by 4.1% during the 2nd quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock valued at $305,000 after purchasing an additional 34 shares in the last quarter. Finally, Modera Wealth Management LLC increased its position in shares of Arista Networks by 2.1% during the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock valued at $625,000 after buying an additional 37 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $352.93, for a total transaction of $705,860.00. Following the transaction, the director now owns 52,946 shares in the company, valued at $18,686,231.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $352.93, for a total transaction of $705,860.00. Following the completion of the sale, the director now owns 52,946 shares in the company, valued at $18,686,231.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John F. Mccool sold 584 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $351.09, for a total value of $205,036.56. Following the completion of the transaction, the insider now directly owns 72 shares in the company, valued at approximately $25,278.48. The disclosure for this sale can be found here. Insiders sold 126,300 shares of company stock worth $44,194,544 over the last three months. 3.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. KeyCorp raised their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Barclays increased their price objective on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a report on Wednesday, July 31st. Rosenblatt Securities increased their price target on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Finally, Piper Sandler boosted their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Trading Up 0.7 %

Shares of ANET opened at $328.37 on Friday. The company has a market cap of $102.90 billion, a price-to-earnings ratio of 45.73, a P/E/G ratio of 2.78 and a beta of 1.11. The business’s fifty day simple moving average is $343.81 and its two-hundred day simple moving average is $310.31. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $376.50.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the firm posted $1.41 earnings per share. Arista Networks’s revenue was up 15.9% compared to the same quarter last year. As a group, research analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

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.