Hollencrest Capital Management Sells 484 Shares of Arista Networks, Inc. (NYSE:ANET)

Hollencrest Capital Management reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 65.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 252 shares of the technology company’s stock after selling 484 shares during the period. Hollencrest Capital Management’s holdings in Arista Networks were worth $88,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks in the 1st quarter valued at $26,000. Beacon Capital Management LLC boosted its position in Arista Networks by 500.0% during 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 last quarter. LGT Financial Advisors LLC bought a new position in shares of Arista Networks in the 2nd quarter worth about $27,000. Financial Synergies Wealth Advisors Inc. lifted its stake in shares of Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares during the period. Finally, Byrne Asset Management LLC bought a new stake in shares of Arista Networks during the 2nd quarter valued at about $33,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ANET has been the topic of several recent analyst reports. Rosenblatt Securities boosted their price target on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Barclays boosted their target price on shares of 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 restated a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. Morgan Stanley upped their price objective 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. Finally, Piper Sandler raised their target price on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and an average price target of $358.63.

Insider Buying and Selling at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $357.00, for a total value of $8,925,000.00. Following the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 372 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $356.74, for a total transaction of $132,707.28. Following the sale, the director now directly owns 2,565 shares in the company, valued at $915,038.10. The disclosure for this sale can be found here. Insiders sold 107,361 shares of company stock worth $38,024,123 in the last quarter. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Performance

Arista Networks stock opened at $384.46 on Friday. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $385.50. The firm’s 50-day simple moving average is $341.55 and its 200 day simple moving average is $316.46. The stock has a market cap of $120.48 billion, a PE ratio of 53.55, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last announced 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 for 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 company’s revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.41 EPS. As a group, analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

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.