Alpha DNA Investment Management LLC Has $2.06 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Alpha DNA Investment Management LLC increased its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 9.7% in the second quarter, Holdings Channel reports. The firm owned 5,886 shares of the technology company’s stock after buying an additional 522 shares during the quarter. Arista Networks accounts for approximately 0.8% of Alpha DNA Investment Management LLC’s holdings, making the stock its 21st biggest holding. Alpha DNA Investment Management LLC’s holdings in Arista Networks were worth $2,063,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Caxton Associates LP bought a new stake in Arista Networks in the second quarter valued at approximately $14,019,000. Insigneo Advisory Services LLC grew its position in Arista Networks by 95.0% in the second quarter. Insigneo Advisory Services LLC now owns 1,948 shares of the technology company’s stock valued at $683,000 after purchasing an additional 949 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Arista Networks by 60.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 50,898 shares of the technology company’s stock worth $17,839,000 after acquiring an additional 19,227 shares in the last quarter. Gateway Advisory LLC raised its stake in shares of Arista Networks by 5.1% during the 2nd quarter. Gateway Advisory LLC now owns 2,434 shares of the technology company’s stock worth $853,000 after purchasing an additional 119 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Arista Networks by 56.4% in the second quarter. Marshall Wace LLP now owns 508,230 shares of the technology company’s stock valued at $178,124,000 after acquiring an additional 183,230 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Down 0.1 %

Shares of NYSE ANET opened at $385.15 on Wednesday. The company has a market capitalization of $120.99 billion, a PE ratio of 53.64, a P/E/G ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $390.00. The firm has a fifty day simple moving average of $342.59 and a 200 day simple moving average of $318.42.

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

Insider Transactions at Arista Networks

In related news, Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the transaction, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the transaction, the director now owns 2,726 shares in the company, valued at $883,278.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total value of $8,675,000.00. Following the completion of the sale, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The disclosure for this sale can be found here. Insiders sold a total of 107,361 shares of company stock valued at $38,024,123 in the last quarter. 3.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on ANET. The Goldman Sachs Group upped their price objective on shares of Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a report on Tuesday. Piper Sandler upped their price target on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Needham & Company LLC reiterated a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a research note on Wednesday, July 31st. Wells Fargo & Company increased their target price on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Morgan Stanley lifted their price target 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. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $363.25.

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.