American Trust Decreases Stake in Arista Networks, Inc. (NYSE:ANET)

American Trust decreased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 6.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,552 shares of the technology company’s stock after selling 179 shares during the quarter. American Trust’s holdings in Arista Networks were worth $894,000 as of its most recent SEC filing.

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

Arista Networks Stock Performance

Shares of ANET stock opened at $381.72 on Wednesday. The stock has a market capitalization of $119.62 billion, a P/E ratio of 53.16, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $395.82. The company has a 50 day moving average price of $347.22 and a 200 day moving average price of $322.12.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data 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. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 earnings per share. On average, research analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Activity

In related news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, 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 related news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $5,624,679.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $342.28, for a total value of $684,560.00. Following the sale, the director now directly owns 50,946 shares of the company’s stock, valued at $17,437,796.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,157 shares of company stock worth $19,291,193. 3.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ANET shares. Bank of America lifted their price target on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Citigroup lifted their target price on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. JPMorgan Chase & Co. increased their price target on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. UBS Group lifted their price target on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Finally, The Goldman Sachs Group increased their price objective on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. One equities 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 company. Based on data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $364.81.

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.