Oppenheimer & Co. Inc. Lowers Holdings in Arista Networks, Inc. (NYSE:ANET)

Oppenheimer & Co. Inc. reduced its stake in Arista Networks, Inc. (NYSE:ANET) by 10.1% during the second quarter, HoldingsChannel reports. The fund owned 17,277 shares of the technology company’s stock after selling 1,939 shares during the period. Oppenheimer & Co. Inc.’s holdings in Arista Networks were worth $6,055,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC increased its position in shares of Arista Networks by 7.4% during the fourth quarter. International Assets Investment Management LLC now owns 2,606 shares of the technology company’s stock valued at $614,000 after acquiring an additional 179 shares in the last quarter. 9258 Wealth Management LLC purchased a new stake in Arista Networks during the 4th quarter valued at $240,000. Avantax Advisory Services Inc. increased its holdings in shares of Arista Networks by 18.6% in the 4th quarter. Avantax Advisory Services Inc. now owns 4,034 shares of the technology company’s stock worth $950,000 after purchasing an additional 633 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Arista Networks by 13.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 33,433 shares of the technology company’s stock worth $7,873,000 after purchasing an additional 4,068 shares during the last quarter. Finally, Foundations Investment Advisors LLC lifted its holdings in shares of Arista Networks by 8.6% during the fourth quarter. Foundations Investment Advisors LLC now owns 1,291 shares of the technology company’s stock valued at $304,000 after purchasing an additional 102 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Arista Networks

In other news, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the transaction, the director now owns 2,726 shares of the company’s stock, valued at $883,278.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Kenneth Duda sold 1,689 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $321.28, for a total transaction of $542,641.92. Following the sale, the senior vice president now directly owns 182,600 shares of the company’s stock, valued at approximately $58,665,728. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the transaction, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. The disclosure for this sale can be found here. Insiders sold a total of 106,989 shares of company stock valued at $37,891,416 in the last three months. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Performance

ANET opened at $359.76 on Friday. The stock has a market cap of $113.02 billion, a price-to-earnings ratio of 50.11, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The firm’s fifty day moving average is $341.07 and its 200 day moving average is $313.64. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $376.50.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on ANET. JPMorgan Chase & Co. boosted their target price on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Rosenblatt Securities upped their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group raised their target price on 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 assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $358.63.

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.