Perigon Wealth Management LLC Decreases Holdings in Arista Networks, Inc. (NYSE:ANET)

Perigon Wealth Management LLC trimmed its holdings in shares of Arista Networks, Inc. (NYSE:ANET – Get Rating) by 16.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,054 shares of the technology company’s stock after selling 590 shares during the period. Perigon Wealth Management LLC’s holdings in Arista Networks were worth $345,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC lifted its holdings in Arista Networks by 17.0% in the 2nd quarter. Cerity Partners LLC now owns 4,097 shares of the technology company’s stock worth $385,000 after buying an additional 594 shares in the last quarter. Woodline Partners LP acquired a new position in Arista Networks in the 2nd quarter worth $11,896,000. Allspring Global Investments Holdings LLC lifted its holdings in Arista Networks by 15.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 275,905 shares of the technology company’s stock worth $31,146,000 after buying an additional 36,516 shares in the last quarter. Diversified Trust Co lifted its holdings in Arista Networks by 16.0% in the 3rd quarter. Diversified Trust Co now owns 4,896 shares of the technology company’s stock worth $553,000 after buying an additional 675 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Arista Networks by 14.8% in the 2nd quarter. Franklin Resources Inc. now owns 1,216,489 shares of the technology company’s stock worth $114,033,000 after buying an additional 156,665 shares in the last quarter. Institutional investors and hedge funds own 64.30% of the company’s stock.

Arista Networks Trading Up 0.4 %

NYSE ANET opened at $163.26 on Friday. Arista Networks, Inc. has a 52 week low of $89.11 and a 52 week high of $164.26. The stock has a market cap of $50.02 billion, a price-to-earnings ratio of 38.23, a price-to-earnings-growth ratio of 2.10 and a beta of 1.24. The company has a 50-day moving average price of $133.22 and a two-hundred day moving average price of $125.44.

Arista Networks (NYSE:ANET – Get Rating) last posted its earnings results on Monday, February 13th. The technology company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.21 by $0.20. Arista Networks had a net margin of 30.87% and a return on equity of 30.00%. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the prior year, the firm earned $0.66 EPS. Arista Networks’s quarterly revenue was up 54.7% on a year-over-year basis. As a group, equities research analysts expect that Arista Networks, Inc. will post 5.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $175.00 price objective on shares of Arista Networks in a report on Tuesday, February 14th. Cowen boosted their price objective on shares of Arista Networks from $212.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, February 14th. Morgan Stanley upped their target price on shares of Arista Networks from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 14th. The Goldman Sachs Group initiated coverage on shares of Arista Networks in a research note on Monday, March 6th. They issued a “buy” rating on the stock. Finally, Needham & Company LLC upped their target price on shares of Arista Networks from $155.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, February 14th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $173.89.

Insiders Place Their Bets

In other Arista Networks news, COO Anshul Sadana sold 43,225 shares of the company’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $152.43, for a total value of $6,588,786.75. Following the completion of the transaction, the chief operating officer now owns 81,043 shares in the company, valued at approximately $12,353,384.49. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, COO Anshul Sadana sold 43,225 shares of the stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $152.43, for a total value of $6,588,786.75. Following the completion of the transaction, the chief operating officer now directly owns 81,043 shares in the company, valued at $12,353,384.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $114.69, for a total transaction of $2,293,800.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $372,054.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 293,687 shares of company stock worth $42,260,466. Insiders own 19.59% of the company’s stock.

Arista Networks Company Profile

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Arista Networks, Inc engages in the business of developing, marketing, and selling cloud networking solutions. The firm is also involved in switching and routing platforms and related network applications. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in November 2004 and is headquartered in Santa Clara, CA.