Fulton Bank N.A. Reduces Stock Position in Arista Networks, Inc. (NYSE:ANET)

Fulton Bank N.A. reduced its position in shares of Arista Networks, Inc. (NYSE:ANET) by 1.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,259 shares of the technology company’s stock after selling 55 shares during the period. Fulton Bank N.A.’s holdings in Arista Networks were worth $2,019,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ANET. Vanguard Group Inc. raised its stake in Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after buying an additional 1,596,040 shares in the last quarter. GQG Partners LLC bought a new position in shares of Arista Networks during the first quarter valued at approximately $881,848,000. Legal & General Group Plc increased its stake in shares of Arista Networks by 0.9% during the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after purchasing an additional 20,278 shares in the last quarter. Swedbank AB bought a new position in shares of Arista Networks during the first quarter valued at approximately $521,767,000. Finally, Ameriprise Financial Inc. increased its stake in shares of Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after purchasing an additional 884,703 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the sale, the director now directly owns 2,726 shares in the company, valued at $883,278.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the sale, the director now directly owns 2,726 shares in the company, valued at approximately $883,278.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The disclosure for this sale can be found here. Insiders have sold 38,197 shares of company stock worth $13,433,094 in the last three months. Company insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $392.54 on Tuesday. The company’s fifty day simple moving average is $351.55 and its 200-day simple moving average is $324.25. The stock has a market capitalization of $123.01 billion, a PE ratio of 54.67, a P/E/G ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $399.48.

Arista Networks (NYSE:ANET) last issued 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. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.41 EPS. As a group, research analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current year.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of analyst reports. The Goldman Sachs Group raised their target price on shares of Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Bank of America raised their target price on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Morgan Stanley increased their price target on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Finally, KeyCorp increased their price target on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $364.81.

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.