Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Private Advisor Group LLC

Private Advisor Group LLC boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 152.6% during the second quarter, HoldingsChannel reports. The fund owned 13,001 shares of the technology company’s stock after buying an additional 7,854 shares during the period. Private Advisor Group LLC’s holdings in Arista Networks were worth $4,557,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. New York Life Investment Management LLC raised its position in Arista Networks by 1.2% in the second quarter. New York Life Investment Management LLC now owns 34,954 shares of the technology company’s stock valued at $12,251,000 after purchasing an additional 429 shares during the period. Arizona State Retirement System raised its holdings in Arista Networks by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 77,039 shares of the technology company’s stock valued at $27,001,000 after buying an additional 1,155 shares during the period. LGT Financial Advisors LLC acquired a new position in Arista Networks in the second quarter valued at about $27,000. First Business Financial Services Inc. boosted its stake in Arista Networks by 8.5% during the second quarter. First Business Financial Services Inc. now owns 14,122 shares of the technology company’s stock worth $4,949,000 after buying an additional 1,107 shares during the period. Finally, SouthState Corp boosted its stake in Arista Networks by 792.1% during the second quarter. SouthState Corp now owns 901 shares of the technology company’s stock worth $316,000 after buying an additional 800 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ANET has been the topic of several recent analyst reports. Piper Sandler upped their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. UBS Group upped their price target on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Morgan Stanley lifted their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. Barclays increased their target price on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Bank of America lifted their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $358.63.

Arista Networks Stock Up 0.7 %

Shares of Arista Networks stock opened at $326.90 on Wednesday. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $376.50. The company has a market capitalization of $102.70 billion, a P/E ratio of 45.53, a P/E/G ratio of 2.48 and a beta of 1.07. The company has a 50 day moving average of $341.85 and a 200 day moving average of $312.24.

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

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $325.88, for a total transaction of $6,517,600.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,057,154.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Thursday, June 13th. The shares were 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 of the company’s stock, valued at approximately $1,057,154.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $352.93, for a total transaction of $705,860.00. Following the completion of the sale, the director now directly owns 52,946 shares of the company’s stock, valued at $18,686,231.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,989 shares of company stock valued at $44,737,186. 3.54% of the stock is currently owned by corporate 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.