Advisory Services Network LLC Sells 5,179 Shares of Arista Networks, Inc. $ANET

Advisory Services Network LLC trimmed its holdings in Arista Networks, Inc. (NYSE:ANET) by 2.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,186 shares of the technology company’s stock after selling 5,179 shares during the period. Advisory Services Network LLC’s holdings in Arista Networks were worth $18,026,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Bare Financial Services Inc lifted its holdings in shares of Arista Networks by 2,118.2% during the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after acquiring an additional 233 shares during the period. REAP Financial Group LLC increased its position in Arista Networks by 108.0% during the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock worth $34,000 after purchasing an additional 175 shares in the last quarter. Solstein Capital LLC lifted its stake in Arista Networks by 493.8% in the 2nd quarter. Solstein Capital LLC now owns 380 shares of the technology company’s stock valued at $39,000 after purchasing an additional 316 shares during the last quarter. Saudi Central Bank acquired a new stake in Arista Networks in the first quarter valued at approximately $33,000. Finally, Hemington Wealth Management grew its stake in shares of Arista Networks by 28.2% during the second quarter. Hemington Wealth Management now owns 459 shares of the technology company’s stock worth $46,000 after buying an additional 101 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 24,042 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the transaction, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. This represents a 70.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $128.09, for a total transaction of $1,024,720.00. Following the completion of the sale, the director owned 25,784 shares in the company, valued at $3,302,672.56. This represents a 23.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 274,464 shares of company stock worth $38,250,488. 3.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ANET. Piper Sandler reiterated a “neutral” rating and issued a $145.00 price target (up from $143.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Wolfe Research upped their price objective on Arista Networks from $160.00 to $185.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Evercore ISI lifted their target price on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Zacks Research lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Finally, William Blair restated an “outperform” rating on shares of Arista Networks in a research report on Friday, September 12th. Eighteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $164.31.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $124.83 on Friday. The stock’s 50-day moving average is $138.96 and its 200 day moving average is $126.68. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94. The firm has a market cap of $157.20 billion, a price-to-earnings ratio of 47.46, a PEG ratio of 2.39 and a beta of 1.41.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period in the previous year, the firm earned $2.40 earnings per share. The company’s revenue was up 27.5% compared to the same quarter last year. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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.