First Commonwealth Financial Corp PA Has $1.30 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

First Commonwealth Financial Corp PA increased its stake in Arista Networks, Inc. (NYSE:ANET) by 124.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,728 shares of the technology company’s stock after buying an additional 6,500 shares during the quarter. First Commonwealth Financial Corp PA’s holdings in Arista Networks were worth $1,296,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after acquiring an additional 72,311,318 shares during the period. FMR LLC lifted its stake in Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the last quarter. Geode Capital Management LLC grew its holdings in Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the period. Alliancebernstein L.P. increased its position in Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after buying an additional 14,454,822 shares during the last quarter. Finally, Norges Bank bought a new stake in Arista Networks in the fourth quarter valued at approximately $1,397,833,000. 82.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ANET has been the subject of several research analyst reports. Evercore ISI reduced their target price on Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and upped their price objective for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Morgan Stanley cut their target price on shares of Arista Networks from $118.00 to $73.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Rosenblatt Securities reaffirmed a “sell” rating and set a $80.00 target price on shares of Arista Networks in a report on Tuesday, February 18th. Finally, Piper Sandler lowered their price target on shares of Arista Networks from $108.00 to $76.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $104.29.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $71.94 on Thursday. The stock has a market capitalization of $90.73 billion, a P/E ratio of 32.41, a PEG ratio of 3.10 and a beta of 1.30. The stock’s fifty day moving average is $86.13 and its 200 day moving average is $99.61. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 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 firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now directly owns 139,784 shares of the company’s stock, valued at $10,840,249.20. This trade represents a 5.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. The trade was a 59.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 411,031 shares of company stock worth $39,364,943 over the last three months. Corporate insiders own 3.54% of the company’s stock.

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.