SVB Wealth LLC Has $3.49 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

SVB Wealth LLC cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 8.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,955 shares of the technology company’s stock after selling 953 shares during the period. SVB Wealth LLC’s holdings in Arista Networks were worth $3,489,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Beacon Capital Management LLC lifted its holdings in Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after purchasing an additional 65 shares during the last quarter. LGT Financial Advisors LLC acquired a new stake in shares of Arista Networks during the second quarter worth $27,000. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks in the first quarter valued at about $26,000. Byrne Asset Management LLC acquired a new position in shares of Arista Networks in the second quarter valued at about $33,000. Finally, Sugarloaf Wealth Management LLC bought a new position in Arista Networks during the second quarter worth about $35,000. Institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. KeyCorp boosted their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Jefferies Financial Group lifted their price objective on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Needham & Company LLC reissued a “buy” rating and set a $375.00 target price on shares of Arista Networks in a report on Wednesday, July 31st. Finally, Wells Fargo & Company boosted their price target on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $314.31 on Friday. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $376.50. The company has a market capitalization of $98.49 billion, a PE ratio of 43.78, a price-to-earnings-growth ratio of 2.78 and a beta of 1.07. The company has a fifty day moving average of $343.09 and a 200-day moving average of $311.03.

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

Insider Buying and Selling

In other Arista Networks news, insider John F. Mccool sold 584 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $351.09, for a total value of $205,036.56. Following the completion of the transaction, the insider now directly owns 72 shares in the company, valued at approximately $25,278.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John F. Mccool sold 584 shares of the firm’s stock in a transaction that occurred on 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 have sold a total of 126,300 shares of company stock worth $44,194,544 in the last ninety days. Company insiders own 3.54% of the company’s stock.

Arista Networks Company 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.