Wealth Alliance Cuts Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Wealth Alliance lessened its holdings in Arista Networks, Inc. (NYSE:ANET) by 1.7% during the second quarter, HoldingsChannel.com reports. The fund owned 10,903 shares of the technology company’s stock after selling 193 shares during the quarter. Wealth Alliance’s holdings in Arista Networks were worth $3,821,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after acquiring an additional 1,596,040 shares during the period. Capital World Investors raised its stake in shares of Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after acquiring an additional 55,312 shares during the period. WCM Investment Management LLC raised its stake in shares of Arista Networks by 0.8% in the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after acquiring an additional 25,196 shares during the period. GQG Partners LLC purchased a new position in shares of Arista Networks in the 1st quarter valued at $881,848,000. Finally, Swedbank AB purchased a new position in shares of Arista Networks in the 1st quarter valued at $521,767,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In related news, SVP Kenneth Duda sold 1,689 shares of Arista Networks stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $321.28, for a total value of $542,641.92. Following the sale, the senior vice president now directly owns 182,600 shares in the company, valued at approximately $58,665,728. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, SVP Kenneth Duda sold 1,689 shares of Arista Networks stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $321.28, for a total value of $542,641.92. Following the sale, the senior vice president now directly owns 182,600 shares in the company, valued at approximately $58,665,728. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 106,989 shares of company stock worth $37,891,416. 3.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Morgan Stanley raised their target price on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. raised their price target on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Citigroup raised their price target on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Barclays raised their price target on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Bank of America raised their price target on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. One investment 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, Arista Networks presently has an average rating of “Moderate Buy” and a consensus price target of $358.63.

Arista Networks Price Performance

Shares of ANET stock opened at $360.97 on Wednesday. The firm 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 1-year low of $168.25 and a 1-year high of $376.50. The firm has a fifty day moving average of $340.74 and a two-hundred day moving average of $315.02.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the firm posted $1.41 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, sell-side analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current 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.