Wealth Alliance Trims Position in Arista Networks, Inc. (NYSE:ANET)

Wealth Alliance trimmed its holdings in Arista Networks, Inc. (NYSE:ANET) by 1.7% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 10,903 shares of the technology company’s stock after selling 193 shares during the period. Wealth Alliance’s holdings in Arista Networks were worth $3,821,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. FCG Investment Co increased its stake in shares of Arista Networks by 2.3% during the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after acquiring an additional 29 shares during the period. Old Port Advisors increased its stake in shares of Arista Networks by 3.5% during the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after acquiring an additional 32 shares during the period. Fortitude Family Office LLC increased its stake in shares of Arista Networks by 33.3% during the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after acquiring an additional 33 shares during the period. Resonant Capital Advisors LLC increased its stake in shares of Arista Networks by 4.1% during the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock worth $305,000 after acquiring an additional 34 shares during the period. Finally, Modera Wealth Management LLC increased its stake in shares of Arista Networks by 2.1% during the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock worth $625,000 after acquiring an additional 37 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Price Performance

ANET stock opened at $360.97 on Wednesday. The firm has a market capitalization of $113.11 billion, a PE ratio of 50.27, a P/E/G ratio of 2.70 and a beta of 1.07. The company’s 50 day simple moving average is $340.74 and its 200-day simple moving average is $315.02. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $376.50.

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 the consensus estimate of $1.72 by $0.38. The business had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.41 earnings per share. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ANET. Barclays boosted their price target on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Rosenblatt Securities upped their target price on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. KeyCorp upped their target price on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Jefferies Financial Group upped their target price on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company’s 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 Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the transaction, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $352.93, for a total transaction of $705,860.00. Following the transaction, the director now owns 52,946 shares of the company’s stock, valued at $18,686,231.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the transaction, the chief executive officer now directly owns 1,595,800 shares in the company, valued at approximately $569,700,600. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 106,989 shares of company stock valued at $37,891,416. Company insiders own 3.54% of the company’s stock.

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.