Commonwealth Equity Services LLC Boosts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Commonwealth Equity Services LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 8.1% during the third quarter, Holdings Channel reports. The firm owned 130,138 shares of the technology company’s stock after acquiring an additional 9,751 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Arista Networks were worth $49,949,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. GQG Partners LLC purchased a new position in shares of Arista Networks in the 1st quarter valued at approximately $881,848,000. Legal & General Group Plc lifted its position in Arista Networks by 0.9% during the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after buying an additional 20,278 shares during the period. Swedbank AB bought a new stake in shares of Arista Networks during the 1st quarter valued at $521,767,000. Ameriprise Financial Inc. grew its position in shares of Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after buying an additional 884,703 shares during the period. Finally, TD Asset Management Inc increased its stake in shares of Arista Networks by 18.7% in the 1st quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock worth $273,652,000 after acquiring an additional 148,759 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

NYSE:ANET opened at $402.00 on Monday. The company has a market cap of $125.97 billion, a price-to-earnings ratio of 55.99, a PEG ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $422.73. The stock’s 50 day simple moving average is $367.25 and its two-hundred day simple moving average is $331.82.

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

Wall Street Analyst Weigh In

ANET has been the topic of a number of analyst reports. Barclays boosted their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Evercore ISI lifted their target price on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. The Goldman Sachs Group increased their price target on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Finally, Piper Sandler lifted their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $369.50.

Insider Activity at Arista Networks

In other Arista Networks news, insider John F. Mccool sold 588 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $206,094.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider John F. Mccool sold 588 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $206,094.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 58,197 shares of company stock valued at $21,326,894. Insiders own 3.54% of the company’s stock.

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.