Park Avenue Securities LLC Buys 758 Shares of Arista Networks, Inc. (NYSE:ANET)

Park Avenue Securities LLC grew its stake in Arista Networks, Inc. (NYSE:ANET) by 6.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,364 shares of the technology company’s stock after acquiring an additional 758 shares during the quarter. Park Avenue Securities LLC’s holdings in Arista Networks were worth $4,746,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew 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 valued at $6,946,338,000 after acquiring an additional 1,596,040 shares during the period. GQG Partners LLC bought a new position in shares of Arista Networks during the 1st quarter valued at about $881,848,000. Legal & General Group Plc grew its position in shares of Arista Networks by 0.9% in the 2nd 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 during the period. Swedbank AB bought a new stake in Arista Networks during the 1st quarter worth approximately $521,767,000. Finally, Ameriprise Financial Inc. raised its holdings in Arista Networks by 97.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after buying an additional 884,703 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Arista Networks news, 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 sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,624,679.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction on Tuesday, August 6th. The stock was 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 of the company’s stock, valued at $883,278.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 57,361 shares of company stock valued at $20,523,830 over the last ninety days. 3.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research analyst reports. KeyCorp upped 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. Rosenblatt Securities increased their target price on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a 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. Piper Sandler increased their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Finally, Evercore ISI lifted their target price on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $364.81.

Arista Networks Trading Up 1.5 %

Shares of Arista Networks stock traded up $5.86 during trading on Friday, hitting $395.97. 1,064,956 shares of the stock were exchanged, compared to its average volume of 2,263,464. The company has a fifty day moving average price of $351.55 and a 200-day moving average price of $323.80. The stock has a market capitalization of $124.08 billion, a price-to-earnings ratio of 55.15, 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 $396.80.

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 analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the business earned $1.41 earnings per share. The business’s revenue was up 15.9% compared to the same quarter last year. Equities research analysts forecast 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.