Arista Networks, Inc. (NYSE:ANET) Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC lessened its stake in Arista Networks, Inc. (NYSE:ANET) by 8.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 36,431 shares of the technology company’s stock after selling 3,439 shares during the period. Intech Investment Management LLC’s holdings in Arista Networks were worth $12,768,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ANET. GQG Partners LLC acquired a new stake in Arista Networks in the 1st quarter valued at approximately $881,848,000. Swedbank AB purchased a new position in Arista Networks in the 1st quarter valued at approximately $521,767,000. Vanguard Group Inc. boosted its position in 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 buying an additional 1,596,040 shares during the period. TD Asset Management Inc boosted its position in Arista Networks by 145.5% in the 4th quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock valued at $187,215,000 after buying an additional 471,099 shares during the period. Finally, Schroder Investment Management Group boosted its position in Arista Networks by 29.9% in the 4th quarter. Schroder Investment Management Group now owns 1,635,783 shares of the technology company’s stock valued at $385,243,000 after buying an additional 376,478 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the transaction, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Arista Networks news, SVP Marc Taxay sold 624 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,800 shares in the company, valued at approximately $555,477,600. The disclosure for this sale can be found here. Insiders have sold a total of 107,361 shares of company stock worth $38,024,123 over the last ninety days. 3.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Rosenblatt Securities raised their price target on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. KeyCorp lifted their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Citigroup lifted their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. UBS Group lifted their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. Finally, Piper Sandler lifted their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Stock Performance

NYSE ANET opened at $384.46 on Friday. The firm has a market cap of $120.48 billion, a PE ratio of 53.55, a P/E/G ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $385.50. The firm’s fifty day moving average is $341.55 and its two-hundred day moving average is $316.46.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating 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 previous year, the business posted $1.41 earnings per share. Arista Networks’s quarterly revenue was up 15.9% on a year-over-year basis. Research analysts predict that Arista Networks, Inc. will post 7.38 earnings per share 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.