Arista Networks, Inc. (NYSE:ANET) Shares Sold by Seaport Global Advisors LLC

Seaport Global Advisors LLC cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 62.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,267 shares of the technology company’s stock after selling 2,121 shares during the quarter. Seaport Global Advisors LLC’s holdings in Arista Networks were worth $444,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Beacon Capital Management LLC raised its holdings 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 worth $27,000 after purchasing an additional 65 shares in the last quarter. LGT Financial Advisors LLC bought a new position in shares of Arista Networks in the second quarter valued at $27,000. Benjamin Edwards Inc. acquired a new stake in shares of Arista Networks during the 1st quarter valued at $26,000. Byrne Asset Management LLC bought a new stake in shares of Arista Networks during the 2nd quarter worth $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new position in shares of Arista Networks in the 2nd quarter worth $35,000. 82.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ANET has been the subject of several analyst reports. Bank of America upped their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Citigroup raised their target price on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Piper Sandler boosted their price target on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Barclays raised their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group boosted their target price on shares of Arista Networks from $340.00 to $380.00 and gave the company 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 assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $363.25.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks 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 transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, July 8th. The stock was 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 approximately $1,202,550.80. 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. 3.54% of the stock is owned by company insiders.

Arista Networks Price Performance

ANET opened at $380.26 on Monday. The company has a market capitalization of $119.16 billion, a PE ratio of 52.96, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07. The business has a 50-day moving average of $345.69 and a 200-day moving average of $320.68. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $395.82.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the business posted $1.41 EPS. Arista Networks’s revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal 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.