Thrivent Financial for Lutherans Trims Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Thrivent Financial for Lutherans lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 7.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 97,095 shares of the technology company’s stock after selling 7,817 shares during the period. Thrivent Financial for Lutherans’ holdings in Arista Networks were worth $34,030,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. FCG Investment Co increased its holdings in Arista Networks by 2.3% during the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after acquiring an additional 29 shares during the period. Old Port Advisors raised its position in shares of Arista Networks by 3.5% in the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after buying an additional 32 shares in the last quarter. Fortitude Family Office LLC raised its position in shares of Arista Networks by 33.3% in the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after buying an additional 33 shares in the last quarter. Resonant Capital Advisors LLC boosted its stake in Arista Networks by 4.1% during the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock valued at $305,000 after buying an additional 34 shares during the period. Finally, Modera Wealth Management LLC grew its position in Arista Networks by 2.1% during the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock worth $625,000 after buying an additional 37 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Stock Up 0.3 %

NYSE:ANET opened at $385.57 on Tuesday. The firm has a market capitalization of $120.82 billion, a P/E ratio of 53.70, a P/E/G ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $390.00. The company has a fifty day moving average of $342.05 and a 200 day moving average of $317.63.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the business posted $1.41 earnings per share. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current year.

Analysts Set New Price Targets

ANET has been the topic of several recent analyst reports. Citigroup raised their price target on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Evercore ISI reissued an “outperform” rating and issued a $400.00 price target on shares of Arista Networks in a report on Friday, September 13th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Wells Fargo & Company upped 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. Finally, UBS Group increased their target price on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. 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 company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Insider Activity

In related news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $352.93, for a total value of $705,860.00. Following the completion of the transaction, the director now owns 52,946 shares of the company’s stock, valued at approximately $18,686,231.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at $1,202,550.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,361 shares of company stock valued at $38,024,123. 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.