Arista Networks Earnings Prompt Stock Dip as Institutional Investors Boost Holdings

Arista Networks reported first‑quarter 2024 results on May 5, showing revenue up 35.1% year‑over‑year and net income rising 25.7%. The net profit margin slipped to 37.8% from 40.6% a year earlier, and the shares fell more than 10% the following day before regaining some value in subsequent weeks. CEO Jayshree Ullal said the company is “uniquely positioned to deliver the mission‑critical confluence of secure client‑to‑campus‑to‑cloud and AI networking.”

During the fourth quarter, MUFG Securities EMEA increased its Arista stake by 114.6%, holding 42,333 shares worth about $5.5 million. Other investors such as Whittier Trust, United Asset Strategies, West Family Investments, Personal CFO Solutions and Clark Financial Services also added modest holdings. Analysts upgraded the stock, with Barclays raising its price target to $195 and Raymond James to $164, while Morgan Stanley reaffirmed an “overweight” rating.