Lake Street Advisors Group LLC Purchases 43 Shares of Arista Networks, Inc. (NYSE:ANET)

Lake Street Advisors Group LLC boosted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 2.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,025 shares of the technology company’s stock after buying an additional 43 shares during the period. Lake Street Advisors Group LLC’s holdings in Arista Networks were worth $710,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UniSuper Management Pty Ltd lifted its stake in shares of Arista Networks by 20.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after purchasing an additional 6,133 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Arista Networks by 7.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock valued at $12,082,000 after purchasing an additional 3,763 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Arista Networks in the 1st quarter valued at approximately $1,405,000. M&G Plc bought a new stake in shares of Arista Networks in the 1st quarter valued at approximately $3,238,000. Finally, Nordea Investment Management AB lifted its stake in shares of Arista Networks by 32.5% in the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after purchasing an additional 6,578 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $325.88, for a total value of $6,517,600.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,057,154.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $325.88, for a total value of $6,517,600.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,057,154.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 126,300 shares of company stock worth $44,194,544. 3.54% of the stock is currently owned by company insiders.

Arista Networks Trading Down 4.3 %

Shares of NYSE:ANET opened at $314.31 on Friday. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50. The business’s fifty day simple moving average is $343.09 and its 200-day simple moving average is $311.03. The company has a market capitalization of $98.49 billion, a PE ratio of 43.78, a P/E/G ratio of 2.78 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the business posted $1.41 EPS. The business’s revenue was up 15.9% compared to the same quarter last year. Research analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. KeyCorp raised their price objective on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. UBS Group increased their price target on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday. Citigroup increased their price target on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Jefferies Financial Group increased their price target on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Bank of America increased their price target on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. One equities research 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $358.63.

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.