Bogart Wealth LLC Cuts Stake in Arista Networks, Inc. (NYSE:ANET)

Bogart Wealth LLC reduced its stake in Arista Networks, Inc. (NYSE:ANET) by 45.7% during the third quarter, according to its most recent filing with the SEC. The fund owned 82 shares of the technology company’s stock after selling 69 shares during the quarter. Bogart Wealth LLC’s holdings in Arista Networks were worth $31,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Beacon Capital Management LLC raised its stake in Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares during the period. LGT Financial Advisors LLC bought a new stake in Arista Networks in the 2nd quarter valued at about $27,000. Byrne Asset Management LLC bought a new stake in Arista Networks in the 2nd quarter valued at about $33,000. Sugarloaf Wealth Management LLC bought a new stake in Arista Networks in the 2nd quarter valued at about $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Arista Networks during the second quarter valued at about $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,624,679.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,624,679.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $342.28, for a total transaction of $684,560.00. Following the completion of the transaction, the director now owns 50,946 shares in the company, valued at $17,437,796.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,570 shares of company stock worth $21,474,782. Insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group upped their price target on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Morgan Stanley upped their price target on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Needham & Company LLC reiterated a “buy” rating and set a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. Evercore ISI upped their price target on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Jefferies Financial Group upped their price target on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

Arista Networks Price Performance

Shares of NYSE ANET opened at $394.04 on Friday. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $422.73. The firm’s 50 day simple moving average is $371.30 and its two-hundred day simple moving average is $334.19. The stock has a market capitalization of $123.48 billion, a P/E ratio of 54.88, a PEG ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 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 business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the business earned $1.41 earnings per share. 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.

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.