Deane Retirement Strategies Inc. Has $2.57 Million Position in Arista Networks, Inc. (NYSE:ANET)

Deane Retirement Strategies Inc. cut its position in Arista Networks, Inc. (NYSE:ANET) by 50.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 6,699 shares of the technology company’s stock after selling 6,866 shares during the quarter. Deane Retirement Strategies Inc.’s holdings in Arista Networks were worth $2,570,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. UniSuper Management Pty Ltd increased its position in Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after purchasing an additional 6,133 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in Arista Networks during the 1st quarter worth approximately $1,405,000. M&G Plc acquired a new position in Arista Networks during the 1st quarter worth approximately $3,238,000. Nordea Investment Management AB increased its position in Arista Networks by 32.5% during the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock worth $7,810,000 after purchasing an additional 6,578 shares in the last quarter. Finally, Cim LLC bought a new stake in Arista Networks during the 4th quarter worth approximately $2,589,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Rosenblatt Securities boosted their target price on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a report on Wednesday, July 31st. Evercore ISI upped their price objective on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research report on Tuesday. Morgan Stanley increased their price target on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. raised 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. Finally, The Goldman Sachs Group raised their price target on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. One investment 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’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $364.81.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $389.92 on Friday. The stock’s 50-day moving average is $350.01 and its 200 day moving average is $323.05. The company has a market cap of $122.19 billion, a PE ratio of 54.31, a P/E/G ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $395.82.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 15.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.41 EPS. Analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Activity at Arista Networks

In related news, SVP Marc Taxay sold 628 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Arista Networks news, SVP Marc Taxay sold 628 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 20,000 shares of the business’s 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 sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,361 shares of company stock valued at $20,523,830. 3.54% of the stock is owned by corporate insiders.

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.