True North Advisors 13F: Cuts ANET Stake by $1.3M
Key Points
- True North Advisors cut its Arista Networks, Inc. ANET position by 57.7%, ending with 4,858 shares worth about $989,040 in an October 22, 2026 filing.
- Arista Networks, Inc. recently traded around $171.07, down roughly 7.2% from its October 21, 2026 close of $184.33.
- Wall Street maintains a strong buy consensus on the computer hardware company with a mean price target of $243.59.
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True North Advisors reduced its holdings in Arista Networks, Inc. ANET by 57.7% during the quarter, according to a Form 13F filing with the SEC on October 22, 2026. The firm sold 6,627 shares, leaving it with 4,858 shares worth about $989,040 at the end of the period.
ANET
Arista Networks, Inc.
What Changed in True North Advisors's Arista Networks, Inc. Position
The fund made a sizeable reduction to its investment in the networking equipment maker. Prior to the trade, the firm held 11,485 shares. The sale left the portfolio with 4,858 shares, valued at $989,040.
Other Institutional Activity in Arista Networks, Inc.
Other large institutional investors have also shifted their positions in the computer hardware company recently. Cresset Asset Management, LLC reduced its holdings by 1,324,311 shares, ending the period with 19,368,054 shares worth about $3,313,293,139.
Arista Networks, Inc. Stock Down 5.6%
The shares recently traded around $171.07 as of October 23, 2026, sitting down about 7.2% from the October 21, 2026 close of $184.33. The stock moves within a 52-week range of $114.52 and $217.41.
Recent Earnings
The company posted trailing-twelve-month revenue of $10.54 billion alongside earnings of $3.17 per share. Profitability metrics include a net profit margin of 38.4% and a return on equity of 31.5%.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
5 target raises vs 1 cuts.
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EPS & revenue
EPS beat estimates by 5.8%. Revenue beat estimates by 1.7%.
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Profit surprise
EBITDA missed by 8 percent. Operating income missed by 6 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
5 target raises, 1 target cut.
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Earnings quality
Gross margin down 1.8 points. Positive free cash flow.
Earnings Call Summary
The company reported strong momentum across all business segments in the first quarter, with revenue of 2.71 billion dollars, up 35 percent year over year and beating expectations of 2.67 billion dollars. Management highlighted three major AI fabric use cases: scale out with 100 plus customers at 800 gigabit Ethernet, scale up coming in 2027 at 1.6 terabit speeds, and scale across with customers like hyperscaler cloud titans. However, supply chain constraints are severe and expected to persist into next year, forcing the company to accept margin pressure to secure chips and memory for customers.
Guidance Arista raised full year revenue guidance to 11.5 billion dollars, up 27.7 percent from last year. They expect about 2.8 billion in sales for next quarter. AI fabrics revenue target was increased from 3.25 billion to 3.5 billion, and campus revenue is expected to reach 1.25 billion.
Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.
Insider Buying and Selling at Arista Networks, Inc.
Company insiders have completed several transactions recently. Chief Executive Officer Jayshree Ullal disposed of shares in transactions on October 6 and October 9, 2026. Chief Financial Officer Chantelle Yvette Breithaupt sold 1,224 shares at $215.00 apiece on October 6, 2026, totaling $263,160. President and CTO Kenneth Duda sold 43,333 shares at an average price of $180.91 on October 20, 2026, under a planned trading arrangement.
Analysts Set New Price Targets
Wall Street research firms have updated their outlooks on the stock. Barclays maintained an overweight rating on August 6, 2026, lifting its target from $195.00 to $289.00. Deutsche Bank initiated coverage with a buy rating and a $220.00 target on September 1, 2026. Bernstein initiated coverage with an outperform rating and a $250.00 target on September 30, 2026. Citigroup maintained a buy rating on October 8, 2026, raising its target from $215.00 to $248.00. TD Cowen maintained a buy rating on October 19, 2026, adjusting its target from $250.00 to $205.00. Overall, 29 analysts rate the stock a strong buy with a mean price target of $243.59.
About Arista Networks, Inc.
Arista Networks, Inc. builds data-driven networking hardware and software for large-scale data centers, cloud providers, and campus environments. Its extensible operating system helps manage high-speed routing and switching infrastructure for artificial intelligence workloads.
Bottom Line
Investors will look toward the company's upcoming earnings release on November 3, 2026, for further clues on cloud networking demand. Filings continue to show shifting sentiment among institutional holders.
Related Filing Alerts
Source: True North Advisors's 13F filing on $ANET (Oct 22, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts