Moors & Cabot Inc. Has $828,000 Stake in Arista Networks, Inc. (NYSE:ANET)

Moors & Cabot Inc. reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 12.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,362 shares of the technology company’s stock after selling 346 shares during the period. Moors & Cabot Inc.’s holdings in Arista Networks were worth $828,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GQG Partners LLC bought a new stake in shares of Arista Networks in the 1st quarter valued at $881,848,000. Swedbank AB acquired a new position in Arista Networks in the first quarter valued at $521,767,000. Vanguard Group Inc. boosted its position in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after acquiring an additional 1,596,040 shares during the last quarter. TD Asset Management Inc grew its holdings in Arista Networks by 145.5% during the 4th quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after acquiring an additional 471,099 shares during the period. Finally, Schroder Investment Management Group raised its position in shares of Arista Networks by 29.9% in the 4th quarter. Schroder Investment Management Group now owns 1,635,783 shares of the technology company’s stock worth $385,243,000 after acquiring an additional 376,478 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Marc Taxay sold 624 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Kelly Bodnar Battles sold 372 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $356.74, for a total transaction of $132,707.28. Following the completion of the sale, the director now directly owns 2,565 shares of the company’s stock, valued at approximately $915,038.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Marc Taxay sold 624 shares of Arista Networks 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 disclosure for this sale can be found here. Insiders have sold 107,361 shares of company stock valued at $38,024,123 in the last three months. 3.54% of the stock is currently owned by insiders.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $361.70 on Thursday. The firm’s 50-day simple moving average is $340.70 and its 200 day simple moving average is $315.34. The stock has a market cap of $113.34 billion, a price-to-earnings ratio of 50.38, a PEG ratio of 2.70 and a beta of 1.07. 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 posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share 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 company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the company earned $1.41 earnings per share. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, sell-side analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ANET shares. Rosenblatt Securities upped their target price on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Evercore ISI restated an “outperform” rating and set a $400.00 price target on shares of Arista Networks in a report on Friday, September 13th. Citigroup lifted their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Needham & Company LLC reissued a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. Finally, Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.