May 20th, 2023 marked another milestone in the financial history of Arista Networks, Inc. (NYSE:ANET), as one of its investors, Commerce Bank, disclosed a decrease in its position by 0.7%. According to Securities & Exchange Commission’s most recent disclosure by Commerce Bank, it sold off 806 shares during the fourth quarter and owned 118,668 shares of ANET’s stock. At the end of the reporting period, Commerce Bank’s total worth in Arista Networks was valued at an impressive $14,400,000.
Arista Networks has established itself as a name that is synonymous with cloud networking solutions. The company develops and sells state-of-the-art network applications, switching and routing platforms for various businesses around the world. Since its establishment in November 2004 by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda, Arista Networks has gained notoriety for being at the forefront of developing innovative solutions that meet customer needs.
On May 1st 2023, Arista Networks reported its quarterly earnings results for Q1 inclusive of $1.43 earnings per share which topped analysts’ consensus estimates by $0.09 with them forecasting a yield of approximately 5.2 EPS for this year alone. A quick look at last year’s performance shows that despite posting $0.78 EPS during that time frame; they still managed to increase their revenue in this fiscal quarter by over half from last year’s compared profits following a growth trajectory at an impressive rate.
In conclusion, Arista Networks has proven to be one of the leading players in cloud networking solutions development with experts forecasting continued success heading into this fiscal year given consistent revenue growth over previous years coupled with their recent quarterly earnings report revealing quarterly revenue increasing showing even more promise ahead – something to keep an eye on!
[bs_forecast_slider ticker=”ANET”]
Arista Networks Attracts Institutional Investors and Receives Positive Analyst Reviews
Arista Networks, a technology company based in Santa Clara, CA, has been recently making waves in the stock market as institutional investors have increased their holdings in the firm. Envestnet Asset Management Inc. saw a 36.6% growth in their stake in Arista Networks during the fourth quarter and now own over 261,000 shares worth $31.7 million. Similarly, Metis Global Partners LLC lifted their holdings by almost 40% to more than 5,000 shares valued at $621,000. Other institutional investors such as Bank Julius Baer & Co., Clarius Group LLC and Hennion & Walsh Asset Management Inc. also raised their stakes significantly.
As of May 20th, Arista’s stock (NYSE:ANET) was trading at $145.18 per share with a total market capitalization of $44.76 billion and PE ratio of 29.47. However, the value has been volatile with a one-year low of $89.11 and high of $171.44; yet its average volume is around 2.7 million shares.
Arista Networks develops cloud networking solutions for businesses through switching and routing platforms as well as related network applications since its foundation in November 2004 by Andreas Bechtolsheim, David Cheriton and Kenneth Duda.
The company has also received positive feedback from analysts with Needham & Company giving it a “buy” rating while the Goldman Sachs Group calls it a “moderate buy.” CEO Jayshree Ullal reportedly sold around 140k shares for over $20 million in March while Director Kelly Bodnar Battles recently sold about 400 shares for nearly $54k during early-May.
The rising interest from institutional investors coupled with positive analyst reviews may mark an important time for Arista Networks’ future growth prospects as it continues to position itself as one of the leading players within cloud networking solutions.
