Arista Networks, Inc. (NYSE:ANET) Shares Sold by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 0.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,447 shares of the technology company’s stock after selling 40 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Arista Networks were worth $1,707,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ANET. Benjamin Edwards Inc. purchased a new stake in Arista Networks in the 1st quarter worth $26,000. Beacon Capital Management LLC grew its position in shares of Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares during the period. LGT Financial Advisors LLC purchased a new stake in shares of Arista Networks during the second quarter worth about $27,000. Financial Synergies Wealth Advisors Inc. raised its position in shares of Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after purchasing an additional 96 shares during the last quarter. Finally, Byrne Asset Management LLC purchased a new position in Arista Networks in the 2nd quarter valued at about $33,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Up 2.0 %

NYSE:ANET opened at $389.58 on Thursday. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $395.82. The stock’s fifty day moving average is $348.50 and its two-hundred day moving average is $322.59. The company has a market capitalization of $122.08 billion, a P/E ratio of 54.26, a P/E/G ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last announced its earnings results 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. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. Arista Networks’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.41 earnings per share. Sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on ANET. The Goldman Sachs Group increased their target price on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Bank of America increased their price objective on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Citigroup lifted their target price on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. JPMorgan Chase & Co. increased their target price 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, Jefferies Financial Group boosted their price target on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $364.81.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 372 shares of the 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 sale, the director now owns 2,565 shares in the company, valued at $915,038.10. The disclosure for this sale can be found here. Insiders have sold a total of 54,157 shares of company stock valued at $19,291,193 over the last quarter. 3.54% of the stock is owned by company insiders.

About Arista Networks

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.