Seven Eight Capital LP Sells 770 Shares of Arista Networks, Inc. (NYSE:ANET)

Seven Eight Capital LP cut its position in shares of Arista Networks, Inc. (NYSE:ANET) by 34.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,457 shares of the technology company’s stock after selling 770 shares during the period. Seven Eight Capital LP’s holdings in Arista Networks were worth $511,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GQG Partners LLC purchased a new stake in shares of Arista Networks during the 1st quarter worth approximately $881,848,000. Swedbank AB purchased a new stake in Arista Networks during the first quarter valued at $521,767,000. Vanguard Group Inc. lifted its position in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Arista Networks by 145.5% in the 4th quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after buying an additional 471,099 shares in the last quarter. Finally, Schroder Investment Management Group increased its holdings in shares of 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 worth $385,243,000 after buying an additional 376,478 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $384.46 on Monday. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $385.50. The firm has a market capitalization of $120.48 billion, a price-to-earnings ratio of 53.55, a PEG ratio of 2.70 and a beta of 1.07. The stock has a 50 day moving average price of $341.55 and a 200 day moving average price of $316.93.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.41 EPS. Analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,624,679.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction 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. Insiders have sold a total of 107,361 shares of company stock worth $38,024,123 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Barclays lifted their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Needham & Company LLC restated a “buy” rating and set a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. 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 note on Wednesday, September 4th. Finally, Jefferies Financial Group boosted their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

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.