Ascent Group LLC Acquires 2,367 Shares of Arista Networks, Inc. (NYSE:ANET)

Ascent Group LLC increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 11.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,240 shares of the technology company’s stock after purchasing an additional 2,367 shares during the period. Ascent Group LLC’s holdings in Arista Networks were worth $8,145,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks during the 1st quarter worth approximately $26,000. Beacon Capital Management LLC lifted its holdings in shares of Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after acquiring an additional 65 shares during the period. LGT Financial Advisors LLC bought a new stake in shares of Arista Networks during the 2nd quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. lifted its holdings in shares of Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the period. Finally, Byrne Asset Management LLC bought a new stake in shares of Arista Networks during the 2nd quarter worth approximately $33,000. Institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ANET shares. Bank of America upped their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Evercore ISI reiterated an “outperform” rating and set a $400.00 price objective on shares of Arista Networks in a research report on Friday, September 13th. JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Morgan Stanley upped their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Finally, Wells Fargo & Company upped their price target on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $363.25.

Arista Networks Stock Down 1.6 %

Shares of NYSE ANET opened at $380.26 on Friday. The firm has a market cap of $119.16 billion, a PE ratio of 52.96, a P/E/G ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $395.82. The company’s fifty day simple moving average is $345.69 and its 200 day simple moving average is $320.40.

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

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were 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 of the company’s stock, valued at $5,624,679.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were 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 of the company’s stock, valued at $5,624,679.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Marc Taxay sold 624 shares of the firm’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. Insiders have sold a total of 82,361 shares of company stock valued at $29,349,123 over the last ninety days. 3.54% of the stock is owned by corporate insiders.

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.