Sycomore Asset Management Sells 2,961 Shares of Arista Networks, Inc. (NYSE:ANET)

Sycomore Asset Management lowered its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 29.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,039 shares of the technology company’s stock after selling 2,961 shares during the quarter. Sycomore Asset Management’s holdings in Arista Networks were worth $2,356,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Kestra Investment Management LLC purchased a new position in shares of Arista Networks during the second quarter worth approximately $707,000. Clearbridge Investments LLC increased its holdings in Arista Networks by 2.0% during the 2nd quarter. Clearbridge Investments LLC now owns 344,222 shares of the technology company’s stock worth $120,643,000 after purchasing an additional 6,638 shares during the period. Dana Investment Advisors Inc. raised its position in Arista Networks by 3.4% during the 2nd quarter. Dana Investment Advisors Inc. now owns 3,195 shares of the technology company’s stock valued at $1,120,000 after purchasing an additional 105 shares in the last quarter. Advisory Alpha LLC purchased a new stake in shares of Arista Networks in the 2nd quarter worth $229,000. Finally, Truist Financial Corp increased its stake in shares of Arista Networks by 3.3% during the second quarter. Truist Financial Corp now owns 22,881 shares of the technology company’s stock valued at $8,019,000 after buying an additional 740 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks 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 completion of the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $342.28, for a total transaction of $684,560.00. Following the completion of the transaction, the director now directly owns 50,946 shares in the company, valued at $17,437,796.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the company’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 completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The disclosure for this sale can be found here. Insiders have sold a total of 54,157 shares of company stock valued at $19,291,193 in the last ninety days. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 0.9 %

ANET opened at $383.82 on Tuesday. The company has a market cap of $120.27 billion, a P/E ratio of 53.46, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07. The firm’s 50-day moving average price is $346.52 and its 200-day moving average price is $321.38. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $395.82.

Arista Networks (NYSE:ANET) last issued its quarterly 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 quarter in the prior year, the business posted $1.41 EPS. Arista Networks’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, research analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on ANET shares. Evercore ISI reaffirmed an “outperform” rating and issued a $400.00 price objective on shares of Arista Networks in a research note on Friday, September 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. Barclays boosted 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. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Finally, KeyCorp upped their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. One investment 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $363.25.

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.