LPL Financial LLC Increases Position in Arista Networks, Inc. (NYSE:ANET)

LPL Financial LLC boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 20.6% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 245,464 shares of the technology company’s stock after purchasing an additional 42,002 shares during the period. LPL Financial LLC owned approximately 0.08% of Arista Networks worth $86,030,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. FCG Investment Co raised its position in Arista Networks by 2.3% during the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after acquiring an additional 29 shares in the last quarter. Old Port Advisors raised its position in Arista Networks by 3.5% during the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock valued at $277,000 after acquiring an additional 32 shares in the last quarter. Fortitude Family Office LLC raised its position in Arista Networks by 33.3% during the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock valued at $46,000 after acquiring an additional 33 shares in the last quarter. Resonant Capital Advisors LLC raised its position in Arista Networks by 4.1% during the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock valued at $305,000 after acquiring an additional 34 shares in the last quarter. Finally, Modera Wealth Management LLC raised its position in Arista Networks by 2.1% during the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock valued at $625,000 after acquiring an additional 37 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Morgan Stanley lifted their price target on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Bank of America raised their price objective on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Wells Fargo & Company raised their price objective on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Citigroup lifted their target price on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Finally, Evercore ISI restated an “outperform” rating and set a $400.00 price target on shares of Arista Networks in a research report on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 1,689 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $321.28, for a total value of $542,641.92. Following the sale, the senior vice president now directly owns 182,600 shares in the company, valued at $58,665,728. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider John F. Mccool sold 584 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $351.09, for a total value of $205,036.56. Following the transaction, the insider now owns 72 shares of the company’s stock, valued at $25,278.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 1,689 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $321.28, for a total value of $542,641.92. Following the completion of the transaction, the senior vice president now directly owns 182,600 shares in the company, valued at approximately $58,665,728. The disclosure for this sale can be found here. Insiders have sold a total of 106,989 shares of company stock worth $37,891,416 in the last ninety days. 3.54% of the stock is owned by corporate insiders.

Arista Networks Stock Performance

Arista Networks stock opened at $359.76 on Friday. The company has a market capitalization of $113.02 billion, a price-to-earnings ratio of 50.11, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The company’s 50 day simple moving average is $341.07 and its 200-day simple moving average is $313.35. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $376.50.

Arista Networks (NYSE:ANET) last posted its earnings results 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. The firm had revenue of $1.69 billion for 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%. Arista Networks’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 EPS. Equities analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

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.