Old North State Trust LLC Grows Position in Arista Networks, Inc. (NYSE:ANET)

Old North State Trust LLC raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 19.6% during the second quarter, HoldingsChannel reports. The firm owned 1,282 shares of the technology company’s stock after purchasing an additional 210 shares during the period. Old North State Trust LLC’s holdings in Arista Networks were worth $449,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. GQG Partners LLC bought a new stake in Arista Networks during the first quarter valued at about $881,848,000. Swedbank AB purchased a new stake in shares of Arista Networks during the first quarter valued at about $521,767,000. Vanguard Group Inc. grew its position in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after buying an additional 1,596,040 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Arista Networks by 97.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after acquiring an additional 884,703 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its position in Arista Networks by 4,160.9% during the second quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock valued at $180,743,000 after acquiring an additional 503,597 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction dated 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 sale, the director now owns 2,726 shares in the company, valued at approximately $883,278.52. The disclosure for this sale can be found here. Insiders sold a total of 54,157 shares of company stock worth $19,291,193 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. UBS Group lifted their price target on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Wells Fargo & Company upped their target price on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. KeyCorp raised their price target on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. The Goldman Sachs Group upped their price objective on shares of Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Finally, Jefferies Financial Group lifted their target price on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $363.25.

Arista Networks Trading Down 1.6 %

Arista Networks stock opened at $380.26 on Monday. The firm has a market cap of $119.16 billion, a PE ratio of 52.96, a P/E/G ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $395.82. The stock’s 50 day simple moving average is $345.69 and its two-hundred day simple moving average is $320.68.

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

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.