Integrated Advisors Network LLC Cuts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Integrated Advisors Network LLC reduced its position in Arista Networks, Inc. (NYSE:ANET) by 13.7% in the third quarter, Holdings Channel.com reports. The firm owned 922 shares of the technology company’s stock after selling 146 shares during the quarter. Integrated Advisors Network LLC’s holdings in Arista Networks were worth $354,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Beacon Capital Management LLC lifted its stake in shares of Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares during the last quarter. LGT Financial Advisors LLC purchased a new stake in shares of Arista Networks in the 2nd quarter worth approximately $27,000. Byrne Asset Management LLC purchased a new position in shares of Arista Networks in the second quarter worth $33,000. Sugarloaf Wealth Management LLC purchased a new position in shares of Arista Networks in the second quarter worth $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Arista Networks in the second quarter worth $35,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

NYSE:ANET opened at $394.23 on Friday. The stock has a 50-day simple moving average of $376.13 and a two-hundred day simple moving average of $338.73. Arista Networks, Inc. has a 52-week low of $203.19 and a 52-week high of $422.73. The firm has a market capitalization of $123.85 billion, a PE ratio of 51.13, a P/E/G ratio of 3.49 and a beta of 1.07.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the company posted $1.41 earnings per share. Equities analysts forecast that Arista Networks, Inc. will post 7.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Needham & Company LLC restated a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research note on Wednesday, July 31st. Morgan Stanley boosted their price target on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Barclays lifted their price objective on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. KeyCorp lifted their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Citigroup lifted their price objective on Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $373.88.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 1,592 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $349.55, for a total value of $556,483.60. Following the completion of the transaction, the senior vice president now owns 186,600 shares of the company’s stock, valued at $65,226,030. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Jayshree Ullal sold 17,752 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $354.29, for a total value of $6,289,356.08. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $6,264,201.49. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 1,592 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $349.55, for a total value of $556,483.60. Following the completion of the sale, the senior vice president now owns 186,600 shares in the company, valued at $65,226,030. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,522 shares of company stock valued at $20,099,338 over the last 90 days. Company insiders own 3.54% of the company’s stock.

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.