NewEdge Advisors LLC Raises Holdings in Arista Networks, Inc. (NYSE:ANET)

NewEdge Advisors LLC grew its stake in Arista Networks, Inc. (NYSE:ANET) by 0.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 25,581 shares of the technology company’s stock after buying an additional 231 shares during the quarter. NewEdge Advisors LLC’s holdings in Arista Networks were worth $8,966,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in ANET. UniSuper Management Pty Ltd raised its position in shares of Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after acquiring an additional 6,133 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in Arista Networks during the first quarter worth approximately $1,405,000. M&G Plc purchased a new stake in shares of Arista Networks during the 1st quarter worth approximately $3,238,000. Nordea Investment Management AB boosted its holdings in shares of Arista Networks by 32.5% in the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after buying an additional 6,578 shares in the last quarter. Finally, Cim LLC purchased a new position in shares of Arista Networks in the 4th quarter valued at $2,589,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Evercore ISI reissued an “outperform” rating and issued a $400.00 target price on shares of Arista Networks in a report on Friday, September 13th. Barclays raised their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. UBS Group boosted their price objective on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $363.25.

Arista Networks Stock Performance

NYSE:ANET opened at $383.82 on Tuesday. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $395.82. The stock has a fifty day moving average price of $346.52 and a two-hundred day moving average price of $321.38. The stock has a market capitalization of $120.27 billion, a price-to-earnings ratio of 53.46, a PEG ratio of 3.04 and a beta of 1.07.

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

Insider Buying and Selling

In related news, SVP Marc Taxay sold 628 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Arista Networks 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 transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marc Taxay sold 628 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The disclosure for this sale can be found here. Insiders have sold a total of 54,157 shares of company stock worth $19,291,193 in the last quarter. Company insiders own 3.54% of the company’s stock.

Arista Networks Company 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.