Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Alaethes Wealth LLC

Alaethes Wealth LLC grew its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 0.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,855 shares of the technology company’s stock after purchasing an additional 33 shares during the period. Arista Networks makes up 2.0% of Alaethes Wealth LLC’s investment portfolio, making the stock its 10th biggest holding. Alaethes Wealth LLC’s holdings in Arista Networks were worth $4,856,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Beacon Capital Management LLC grew its position in Arista Networks by 500.0% in the 2nd 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 during the period. LGT Financial Advisors LLC acquired a new position in shares of Arista Networks during the second quarter valued at about $27,000. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks during the first quarter worth about $26,000. Byrne Asset Management LLC acquired a new stake in shares of Arista Networks in the 2nd quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC bought a new position in Arista Networks in the 2nd quarter valued at about $35,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of ANET opened at $384.46 on Friday. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $385.50. The stock’s fifty day moving average price is $341.55 and its two-hundred day moving average price is $316.46. The firm has a market cap of $120.48 billion, a PE ratio of 53.55, a PEG ratio of 2.70 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 30.50% and a net margin of 39.01%. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.41 EPS. Sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, SVP Marc Taxay sold 624 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 832 shares of the firm’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 completion of the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,361 shares of company stock valued at $38,024,123. Company insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ANET shares. Piper Sandler increased their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. KeyCorp raised their price objective on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Bank of America upped their target price on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Wells Fargo & Company raised their price target on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, UBS Group upped their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $358.63.

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.