IRON Financial LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 551 shares of the technology company’s stock, valued at approximately $211,000.
A number of other institutional investors have also recently made changes to their positions in the company. Beacon Capital Management LLC lifted its holdings in Arista Networks by 500.0% during 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 Arista Networks in the 2nd quarter worth about $27,000. Byrne Asset Management LLC bought a new position in Arista Networks in the 2nd quarter worth about $33,000. Sugarloaf Wealth Management LLC bought a new position in Arista Networks in the 2nd quarter worth about $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Arista Networks in the 2nd quarter worth about $35,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on the company. Morgan Stanley increased their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Needham & Company LLC reiterated a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a research report on Wednesday, July 31st. Rosenblatt Securities increased their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Barclays increased 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. Finally, The Goldman Sachs Group increased their price objective on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $373.88.
Insider Activity
In other news, Director Kelly Bodnar Battles sold 373 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total value of $147,887.04. Following the completion of the transaction, the director now owns 2,192 shares in the company, valued at $869,084.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 373 shares of Arista Networks stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $396.48, for a total value of $147,887.04. Following the transaction, the director now owns 2,192 shares of the company’s stock, valued at $869,084.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,354 shares of company stock worth $20,364,014 in the last quarter. 3.54% of the stock is owned by company insiders.
Arista Networks Trading Down 2.8 %
NYSE ANET traded down $10.90 on Thursday, hitting $385.10. The company’s stock had a trading volume of 971,170 shares, compared to its average volume of 2,198,307. Arista Networks, Inc. has a 52-week low of $187.68 and a 52-week high of $422.73. The company’s 50-day simple moving average is $374.66 and its 200 day simple moving average is $337.48. The firm has a market cap of $120.68 billion, a P/E ratio of 55.15, a PEG ratio of 3.21 and a beta of 1.07.
Arista Networks (NYSE:ANET – Get Free Report) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.41 EPS. On average, research analysts forecast that Arista Networks, Inc. will post 7.38 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.
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