Arista Networks, Inc. (NYSE:ANET) Shares Sold by MGO One Seven LLC

MGO One Seven LLC cut its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 4.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,065 shares of the technology company’s stock after selling 288 shares during the period. MGO One Seven LLC’s holdings in Arista Networks were worth $2,126,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ANET. Coldstream Capital Management Inc. increased its stake in Arista Networks by 14.6% during the 2nd quarter. Coldstream Capital Management Inc. now owns 3,856 shares of the technology company’s stock worth $1,351,000 after buying an additional 492 shares during the period. Gryphon Financial Partners LLC purchased a new stake in shares of Arista Networks during the second quarter worth $224,000. Andra AP fonden raised its stake in shares of Arista Networks by 61.1% in the second quarter. Andra AP fonden now owns 78,800 shares of the technology company’s stock valued at $27,618,000 after acquiring an additional 29,900 shares in the last quarter. Royal London Asset Management Ltd. increased its holdings in Arista Networks by 1.4% during the 2nd quarter. Royal London Asset Management Ltd. now owns 133,892 shares of the technology company’s stock worth $46,926,000 after purchasing an additional 1,824 shares during the period. Finally, Dorsey & Whitney Trust CO LLC raised its position in Arista Networks by 3.2% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 1,765 shares of the technology company’s stock valued at $619,000 after purchasing an additional 55 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analyst Ratings Changes

ANET has been the topic of a number of recent research reports. Needham & Company LLC restated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. Morgan Stanley increased their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. 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 report on Wednesday, July 31st. Finally, Piper Sandler lifted their price target on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Trading Up 4.9 %

Shares of ANET opened at $342.65 on Thursday. The company’s 50 day simple moving average is $341.40 and its 200-day simple moving average is $312.45. The firm has a market cap of $107.37 billion, a PE ratio of 47.72, a price-to-earnings-growth ratio of 2.48 and a beta of 1.07. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50.

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

Insider Activity at Arista Networks

In other news, Director Daniel Scheinman sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $328.17, for a total value of $328,170.00. Following the transaction, the director now owns 37,732 shares of the company’s stock, valued at $12,382,510.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction that occurred 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 owns 1,600,800 shares of the company’s stock, valued at approximately $555,477,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel Scheinman sold 1,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $328.17, for a total value of $328,170.00. Following the transaction, the director now directly owns 37,732 shares of the company’s stock, valued at $12,382,510.44. The disclosure for this sale can be found here. Insiders have sold 107,989 shares of company stock worth $38,219,586 in the last quarter. 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.