Legacy Financial Advisors Inc. Decreases Stake in Arista Networks, Inc. (NYSE:ANET)

Legacy Financial Advisors Inc. reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 4.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 720 shares of the technology company’s stock after selling 30 shares during the period. Legacy Financial Advisors Inc.’s holdings in Arista Networks were worth $252,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Benjamin Edwards Inc. acquired a new stake in Arista Networks during the 1st quarter worth about $26,000. Beacon Capital Management LLC lifted its holdings in shares of Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after purchasing an additional 65 shares during the period. LGT Financial Advisors LLC purchased a new stake in Arista Networks in the second quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. increased its holdings in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after buying an additional 96 shares during the period. Finally, Byrne Asset Management LLC purchased a new position in Arista Networks during the 2nd quarter worth approximately $33,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 372 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $356.74, for a total value of $132,707.28. Following the transaction, the director now owns 2,565 shares of the company’s stock, valued at $915,038.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 372 shares of Arista Networks stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $356.74, for a total transaction of $132,707.28. Following the completion of the transaction, the director now owns 2,565 shares of the company’s stock, valued at approximately $915,038.10. The disclosure for this sale can be found here. Insiders have sold 107,361 shares of company stock worth $38,024,123 over the last quarter. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Up 1.4 %

Shares of ANET opened at $384.46 on Friday. The stock has a fifty day simple moving average of $341.55 and a two-hundred day simple moving average of $316.71. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $385.50. The company has a market capitalization of $120.48 billion, a PE ratio of 53.55, a price-to-earnings-growth ratio of 2.70 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, topping 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 during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the firm earned $1.41 EPS. The business’s revenue was up 15.9% compared to the same quarter last year. As a group, equities analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $400.00 price objective on shares of Arista Networks in a report on Friday, September 13th. JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. UBS Group lifted their price objective on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Barclays upped 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, Piper Sandler lifted their price target on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks presently has a consensus 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.