Arista Networks, Inc. (NYSE:ANET) Shares Sold by National Bank of Canada FI

National Bank of Canada FI decreased its holdings in Arista Networks, Inc. (NYSE:ANET) by 0.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 127,711 shares of the technology company’s stock after selling 560 shares during the period. National Bank of Canada FI’s holdings in Arista Networks were worth $45,541,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. SouthState Corp increased its holdings in shares of Arista Networks by 792.1% in the second quarter. SouthState Corp now owns 901 shares of the technology company’s stock valued at $316,000 after purchasing an additional 800 shares during the last quarter. Mayflower Financial Advisors LLC grew its holdings in Arista Networks by 4.1% in the 2nd quarter. Mayflower Financial Advisors LLC now owns 1,294 shares of the technology company’s stock valued at $454,000 after buying an additional 51 shares in the last quarter. Gries Financial LLC acquired a new stake in shares of Arista Networks in the 2nd quarter worth $281,000. Belpointe Asset Management LLC raised its holdings in shares of Arista Networks by 6.3% during the 2nd quarter. Belpointe Asset Management LLC now owns 4,572 shares of the technology company’s stock worth $1,602,000 after acquiring an additional 270 shares during the period. Finally, Strategy Asset Managers LLC acquired a new position in shares of Arista Networks during the 2nd quarter valued at about $2,326,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on ANET. Morgan Stanley raised their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Bank of America lifted their price target on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. KeyCorp increased their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company lifted their target price on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks 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 of the company’s stock, valued at approximately $1,202,550.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. The disclosure for this sale can be found here. Insiders sold 126,300 shares of company stock valued at $44,194,544 in the last three months. 3.54% of the stock is owned by corporate insiders.

Arista Networks Stock Performance

Shares of ANET opened at $328.37 on Friday. The stock has a market capitalization of $102.90 billion, a PE ratio of 45.73, a P/E/G ratio of 2.78 and a beta of 1.11. The company’s 50-day simple moving average is $343.81 and its 200-day simple moving average is $310.31. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $376.50.

Arista Networks (NYSE:ANET) last released its 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 analyst estimates of $1.66 billion. During the same period in the prior year, the business earned $1.41 EPS. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. On average, sell-side analysts predict that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Arista Networks Company 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.