Legacy Financial Strategies LLC Purchases 52 Shares of Arista Networks, Inc. (NYSE:ANET)

Legacy Financial Strategies LLC lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 6.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 880 shares of the technology company’s stock after acquiring an additional 52 shares during the quarter. Legacy Financial Strategies LLC’s holdings in Arista Networks were worth $338,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ANET. Beacon Capital Management LLC grew its stake in Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares during the period. LGT Financial Advisors LLC acquired a new position in shares of Arista Networks during the second quarter worth about $27,000. Benjamin Edwards Inc. acquired a new position in shares of Arista Networks during the first quarter worth about $26,000. Byrne Asset Management LLC acquired a new position in shares of Arista Networks during the second quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new position in shares of Arista Networks during the second quarter worth about $35,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Down 1.3 %

NYSE:ANET traded down $5.39 during trading hours on Friday, hitting $402.00. 1,539,535 shares of the company were exchanged, compared to its average volume of 2,238,767. The stock has a market capitalization of $125.97 billion, a price-to-earnings ratio of 55.99, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $422.73. The company has a fifty day simple moving average of $367.25 and a 200 day simple moving average of $331.31.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate 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 period last year, the business posted $1.41 EPS. Equities research analysts predict that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ANET has been the topic of several research analyst reports. Rosenblatt Securities upped their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. upped their price objective on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Morgan Stanley increased their target price on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Wells Fargo & Company increased their target price on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Jefferies Financial Group increased their target price on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $369.50.

Insider Activity

In other news, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Arista Networks news, insider John F. Mccool sold 588 shares of Arista Networks stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $206,094.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Marc Taxay sold 628 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The disclosure for this sale can be found here. Insiders sold a total of 58,197 shares of company stock worth $21,326,894 in the last three months. Company insiders own 3.54% of the company’s stock.

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.