Zega Financial LLC Raises Stock Position in Arista Networks, Inc. (NYSE:ANET)

Zega Financial LLC raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 12.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,430 shares of the technology company’s stock after buying an additional 501 shares during the period. Arista Networks comprises approximately 0.3% of Zega Financial LLC’s holdings, making the stock its 25th largest position. Zega Financial LLC’s holdings in Arista Networks were worth $1,553,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks in the first quarter worth $26,000. Beacon Capital Management LLC increased its position in shares of Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares during the last quarter. LGT Financial Advisors LLC bought a new position in shares of Arista Networks in the 2nd quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after buying an additional 96 shares during the last quarter. Finally, Byrne Asset Management LLC purchased a new position in shares of Arista Networks in the second quarter worth approximately $33,000. 82.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. UBS Group increased their price target on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. Wells Fargo & Company raised their target price on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Bank of America boosted their price target on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Jefferies Financial Group raised their price objective on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Barclays lifted their price objective on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $358.63.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $360.97 on Wednesday. The company has a market cap of $113.11 billion, a P/E ratio of 50.27, a P/E/G ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $376.50. The firm’s fifty day moving average is $340.74 and its two-hundred day moving average is $315.02.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the previous year, the firm posted $1.41 earnings per share. The business’s revenue was up 15.9% compared to the same quarter last year. As a group, analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,595,800 shares in the company, valued at approximately $569,700,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the sale, the chief executive officer now directly owns 1,595,800 shares in the company, valued at approximately $569,700,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 1,689 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $321.28, for a total transaction of $542,641.92. Following the completion of the transaction, the senior vice president now directly owns 182,600 shares of the company’s stock, valued at approximately $58,665,728. The disclosure for this sale can be found here. Insiders have sold a total of 106,989 shares of company stock valued at $37,891,416 in the last quarter. 3.54% of the stock is currently owned by insiders.

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.