Sunbelt Securities Inc. Sells 59 Shares of Arista Networks, Inc. (NYSE:ANET)

Sunbelt Securities Inc. cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 20.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 235 shares of the technology company’s stock after selling 59 shares during the quarter. Sunbelt Securities Inc.’s holdings in Arista Networks were worth $82,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds 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 worth approximately $881,848,000. Swedbank AB purchased a new position in Arista Networks during the 1st quarter valued at $521,767,000. Vanguard Group Inc. raised its holdings in 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 purchasing an additional 1,596,040 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after purchasing an additional 884,703 shares during the period. Finally, 1832 Asset Management L.P. boosted its stake in shares of Arista Networks by 4,160.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock valued at $180,743,000 after purchasing an additional 503,597 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $342.28, for a total value of $684,560.00. Following the sale, the director now owns 50,946 shares in the company, valued at $17,437,796.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $342.28, for a total transaction of $684,560.00. Following the completion of the sale, the director now owns 50,946 shares in the company, valued at $17,437,796.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John F. Mccool sold 580 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $388.37, for a total value of $225,254.60. Following the completion of the transaction, the insider now directly owns 72 shares in the company, valued at $27,962.64. The disclosure for this sale can be found here. Insiders sold 57,361 shares of company stock worth $20,523,830 over the last three months. 3.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on ANET shares. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Wells Fargo & Company upped their price target on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Barclays raised their price objective on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. KeyCorp upped their target price on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Bank of America lifted their price target on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $364.81.

Arista Networks Trading Up 0.1 %

Arista Networks stock opened at $389.92 on Friday. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $395.82. The stock has a fifty day simple moving average of $350.01 and a two-hundred day simple moving average of $323.05. The firm has a market cap of $122.19 billion, a price-to-earnings ratio of 54.31, a PEG ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion during 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%. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period last year, the company earned $1.41 EPS. On average, equities research analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

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.