Chicago Capital LLC Trims Stock Position in Arista Networks, Inc. (NYSE:ANET)

Chicago Capital LLC decreased its holdings in Arista Networks, Inc. (NYSE:ANET) by 4.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,259 shares of the technology company’s stock after selling 179 shares during the quarter. Chicago Capital LLC’s holdings in Arista Networks were worth $1,493,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. FCG Investment Co raised its position in shares of Arista Networks by 2.3% in the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after buying an additional 29 shares during the period. Old Port Advisors raised its holdings in shares of Arista Networks by 3.5% in the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after purchasing an additional 32 shares during the period. Fortitude Family Office LLC lifted its stake 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 valued at $46,000 after purchasing an additional 33 shares in the last quarter. Resonant Capital Advisors LLC grew its holdings 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 worth $305,000 after purchasing an additional 34 shares during the period. Finally, Modera Wealth Management LLC increased its position in Arista Networks by 2.1% during the 2nd quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock worth $625,000 after purchasing an additional 37 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other news, insider John F. Mccool sold 584 shares of the firm’s 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 transaction, the insider now directly owns 72 shares in the company, valued at approximately $25,278.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00. Following the sale, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John F. Mccool sold 584 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $351.09, for a total transaction of $205,036.56. Following the transaction, the insider now owns 72 shares of the company’s stock, valued at approximately $25,278.48. The disclosure for this sale can be found here. Insiders sold a total of 126,300 shares of company stock worth $44,194,544 over the last 90 days. Insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Evercore ISI boosted their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. Morgan Stanley increased their price target on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Barclays boosted their price objective on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Jefferies Financial Group increased their target price on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company boosted their price target on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Stock Performance

Shares of ANET stock opened at $314.31 on Friday. The stock has a market capitalization of $98.49 billion, a price-to-earnings ratio of 43.78, a PEG ratio of 2.78 and a beta of 1.07. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The company’s 50-day simple moving average is $343.09 and its 200-day simple moving average is $311.03.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business’s revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.41 EPS. As a group, research analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

Arista Networks 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.