Handelsbanken Fonder AB Sells 1,901 Shares of Arista Networks, Inc. (NYSE:ANET)

Handelsbanken Fonder AB cut its stake in Arista Networks, Inc. (NYSE:ANET) by 1.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 171,007 shares of the technology company’s stock after selling 1,901 shares during the quarter. Handelsbanken Fonder AB owned 0.05% of Arista Networks worth $65,636,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Beacon Capital Management LLC lifted its holdings in 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 acquiring an additional 65 shares during the period. LGT Financial Advisors LLC purchased a new stake in Arista Networks during the second quarter valued at approximately $27,000. Benjamin Edwards Inc. bought a new position in Arista Networks in the first quarter worth approximately $26,000. Byrne Asset Management LLC purchased a new position in shares of Arista Networks during the 2nd quarter worth $33,000. Finally, Sugarloaf Wealth Management LLC bought a new stake in shares of Arista Networks during the 2nd quarter valued at $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

NYSE:ANET traded up $5.86 during trading hours on Friday, reaching $395.97. The stock had a trading volume of 1,064,956 shares, compared to its average volume of 2,263,464. The stock has a market capitalization of $124.08 billion, a PE ratio of 55.15, a PEG ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $396.80. The company has a 50 day moving average price of $351.55 and a two-hundred day moving average price of $324.05.

Arista Networks (NYSE:ANET) last announced its quarterly 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. 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 for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the previous year, the business posted $1.41 earnings per share. Arista Networks’s quarterly revenue was up 15.9% on a year-over-year basis. Equities research analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Buying and Selling

In other news, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $388.37, for a total value of $242,342.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction dated 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 directly owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marc Taxay sold 624 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $388.37, for a total transaction of $242,342.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 57,361 shares of company stock worth $20,523,830. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Barclays lifted their target price on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Needham & Company LLC reissued a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a report on Wednesday, July 31st. Rosenblatt Securities lifted their price target on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Citigroup increased their price objective 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. Finally, Piper Sandler lifted their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $364.81.

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.