Arista Networks, Inc. (NYSE:ANET) Shares Sold by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 6.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 254,359 shares of the technology company’s stock after selling 17,755 shares during the quarter. Ensign Peak Advisors Inc owned 0.08% of Arista Networks worth $89,148,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of ANET. Benjamin Edwards Inc. purchased a new stake in Arista Networks during the 1st quarter worth about $26,000. Beacon Capital Management LLC lifted its stake in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after purchasing an additional 65 shares during the last quarter. LGT Financial Advisors LLC acquired a new position in Arista Networks in the second quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. increased its stake in Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares during the last quarter. Finally, Byrne Asset Management LLC purchased a new stake in shares of Arista Networks during the 2nd quarter worth approximately $33,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Marc Taxay sold 624 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The sale was disclosed in a 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 that occurred on Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The disclosure for this sale can be found here. In the last three months, insiders sold 107,361 shares of company stock worth $38,024,123. Company insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on ANET shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Wells Fargo & Company raised their target price on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. KeyCorp upped their price target on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Citigroup raised 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. Finally, Morgan Stanley upped their target price on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Price Performance

Shares of ANET stock opened at $384.46 on Friday. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $385.50. The business’s fifty day moving average price is $341.55 and its 200 day moving average price is $316.71. The firm has a market capitalization 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 (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion during 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 business’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.41 EPS. Equities research analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

About Arista Networks

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.