Point72 Asset Management L.P. Sells 571,627 Shares of Arista Networks, Inc. (NYSE:ANET)

Point72 Asset Management L.P. lowered its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 46.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 666,299 shares of the technology company’s stock after selling 571,627 shares during the period. Arista Networks accounts for approximately 0.6% of Point72 Asset Management L.P.’s portfolio, making the stock its 11th biggest holding. Point72 Asset Management L.P.’s holdings in Arista Networks were worth $233,524,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in ANET. 9258 Wealth Management LLC bought a new position in shares of Arista Networks in the fourth quarter worth approximately $240,000. Brown Advisory Inc. bought a new position in shares of Arista Networks in the fourth quarter worth approximately $220,000. SageView Advisory Group LLC bought a new position in shares of Arista Networks in the fourth quarter worth approximately $235,000. Orion Portfolio Solutions LLC lifted its stake in shares of Arista Networks by 17.9% in the fourth quarter. Orion Portfolio Solutions LLC now owns 7,607 shares of the technology company’s stock worth $1,870,000 after buying an additional 1,154 shares in the last quarter. Finally, Hilltop Holdings Inc. bought a new position in Arista Networks during the fourth quarter valued at approximately $320,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE ANET opened at $385.15 on Wednesday. The firm has a fifty day moving average price of $342.59 and a 200-day moving average price of $318.42. The stock has a market cap of $120.69 billion, a PE ratio of 53.64, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $390.00.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data 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. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.41 earnings per share. On average, research analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ANET. Piper Sandler increased their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. KeyCorp increased their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. JPMorgan Chase & Co. increased their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, Barclays increased their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus price target of $363.25.

Insider Transactions at Arista Networks

In other 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 value of $69,988.32. Following the completion of the sale, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the sale, the director now directly owns 2,726 shares in the company, valued at approximately $883,278.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction on Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. 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 over the last three months. Corporate insiders own 3.54% of the company’s stock.

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.