Massachusetts Financial Services Co. MA Sells 185,326 Shares of Arista Networks, Inc. (NYSE:ANET)

Massachusetts Financial Services Co. MA trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET) by 32.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 380,013 shares of the technology company’s stock after selling 185,326 shares during the period. Massachusetts Financial Services Co. MA owned about 0.12% of Arista Networks worth $133,187,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ANET. 9258 Wealth Management LLC purchased a new stake in Arista Networks in the fourth quarter worth $240,000. Brown Advisory Inc. purchased a new position in Arista Networks in the 4th quarter worth about $220,000. PNC Financial Services Group Inc. lifted its holdings in Arista Networks by 7.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock valued at $12,082,000 after buying an additional 3,763 shares in the last quarter. Gladstone Institutional Advisory LLC purchased a new stake in Arista Networks in the 4th quarter valued at about $267,000. Finally, Coldstream Capital Management Inc. grew its stake in Arista Networks by 18.9% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,755 shares of the technology company’s stock worth $649,000 after acquiring an additional 437 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on ANET. Morgan Stanley lifted their price target 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. Piper Sandler upped their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Citigroup raised their price target on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. UBS Group upped their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $358.63.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marc Taxay sold 624 shares of the company’s stock in a transaction on 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. Over the last ninety days, insiders sold 107,361 shares of company stock worth $38,024,123. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Arista Networks stock opened at $361.70 on Thursday. The stock has a market cap of $113.34 billion, a PE ratio of 50.38, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The stock has a 50-day moving average of $340.70 and a two-hundred day moving average of $315.34. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50.

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