True North Advisors LLC Trims Position in Arista Networks, Inc. (NYSE:ANET)

True North Advisors LLC lessened its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 8.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 680 shares of the technology company’s stock after selling 66 shares during the quarter. True North Advisors LLC’s holdings in Arista Networks were worth $261,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. FCG Investment Co raised its position in Arista Networks by 2.3% in the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after purchasing an additional 29 shares during the period. Everpar Advisors LLC grew its stake in Arista Networks by 1.5% in the third quarter. Everpar Advisors LLC now owns 1,907 shares of the technology company’s stock worth $732,000 after purchasing an additional 29 shares in the last quarter. Old Port Advisors grew its stake in Arista Networks by 3.5% in the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after purchasing an additional 32 shares in the last quarter. IAM Advisory LLC grew its stake in Arista Networks by 1.8% in the third quarter. IAM Advisory LLC now owns 1,858 shares of the technology company’s stock worth $713,000 after purchasing an additional 32 shares in the last quarter. Finally, Fortitude Family Office LLC grew its stake in Arista Networks by 33.3% in the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after purchasing an additional 33 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

ANET opened at $399.80 on Wednesday. The company has a market capitalization of $125.28 billion, a price-to-earnings ratio of 55.73, a price-to-earnings-growth 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 $402.00. The business has a 50 day moving average price of $354.75 and a two-hundred day moving average price of $325.53.

Arista Networks (NYSE:ANET) last released its earnings results 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 firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.41 earnings per share. Equities analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the sale, the director now owns 2,726 shares in the company, valued at approximately $883,278.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 836 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $386.68, for a total transaction of $323,264.48. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $6,836,889.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kelly Bodnar Battles sold 216 shares of the business’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 approximately $883,278.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,197 shares of company stock worth $13,433,094. Insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ANET. Morgan Stanley lifted their price target on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Bank of America lifted their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Citigroup lifted their target price on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. lifted their target price on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group lifted their target price on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $369.50.

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.