Heartland Bank & Trust Co Decreases Stake in Arista Networks, Inc. (NYSE:ANET)

Heartland Bank & Trust Co lessened its holdings in Arista Networks, Inc. (NYSE:ANET) by 15.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 3,366 shares of the technology company’s stock after selling 622 shares during the quarter. Arista Networks comprises approximately 0.7% of Heartland Bank & Trust Co’s holdings, making the stock its 28th biggest position. Heartland Bank & Trust Co’s holdings in Arista Networks were worth $1,180,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of ANET. FCG Investment Co boosted its stake in Arista Networks by 2.3% in the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after purchasing an additional 29 shares during the period. Old Port Advisors boosted its position in shares of Arista Networks by 3.5% in 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 during the period. Fortitude Family Office LLC grew its stake 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 increased its holdings in Arista Networks by 4.1% during the 2nd quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock worth $305,000 after acquiring an additional 34 shares during the period. Finally, Modera Wealth Management LLC lifted its stake in Arista Networks by 2.1% in the 2nd quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock worth $625,000 after purchasing an additional 37 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 372 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $356.74, for a total transaction of $132,707.28. Following the completion of the transaction, the director now owns 2,565 shares of the company’s stock, valued at approximately $915,038.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $342.28, for a total transaction of $684,560.00. Following the transaction, the director now owns 50,946 shares in the company, valued at $17,437,796.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 372 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $356.74, for a total transaction of $132,707.28. Following the completion of the transaction, the director now directly owns 2,565 shares of the company’s stock, valued at $915,038.10. The disclosure for this sale can be found here. Insiders have sold 54,157 shares of company stock valued at $19,291,193 over the last ninety days. 3.54% of the stock is owned by insiders.

Arista Networks Price Performance

Shares of ANET stock opened at $383.82 on Tuesday. The business has a 50-day moving average of $346.52 and a 200 day moving average of $321.38. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $395.82. The stock has a market capitalization of $120.27 billion, a PE ratio of 53.46, a P/E/G ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating 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 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 company posted $1.41 EPS. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. Analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ANET. JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Jefferies Financial Group upped their target price on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. UBS Group boosted their price objective on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. Finally, Piper Sandler boosted their price target on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. One research 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.