Whitaker Myers Wealth Managers LTD. Has $616,000 Stake in Arista Networks, Inc. (NYSE:ANET)

Whitaker Myers Wealth Managers LTD. reduced its holdings in Arista Networks, Inc. (NYSE:ANET) by 6.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,604 shares of the technology company’s stock after selling 111 shares during the period. Whitaker Myers Wealth Managers LTD.’s holdings in Arista Networks were worth $616,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Alta Wealth Advisors LLC acquired a new stake in shares of Arista Networks in the third quarter valued at about $276,000. Chicago Capital LLC increased its position in shares of Arista Networks by 7.8% during the 3rd quarter. Chicago Capital LLC now owns 4,590 shares of the technology company’s stock worth $1,762,000 after purchasing an additional 331 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Arista Networks by 8.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 130,138 shares of the technology company’s stock worth $49,949,000 after purchasing an additional 9,751 shares in the last quarter. Legacy Financial Strategies LLC boosted its holdings in shares of Arista Networks by 6.3% in the 3rd quarter. Legacy Financial Strategies LLC now owns 880 shares of the technology company’s stock valued at $338,000 after buying an additional 52 shares during the last quarter. Finally, Raymond James & Associates grew its stake in shares of Arista Networks by 1.2% in the third quarter. Raymond James & Associates now owns 214,204 shares of the technology company’s stock valued at $82,216,000 after buying an additional 2,566 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Buying and Selling at Arista Networks

In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the business’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 sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $394.69, for a total value of $7,893,800.00. Following the completion of the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 58,197 shares of company stock valued at $21,326,894 in the last ninety days. 3.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ANET. Citigroup upped their price target on shares of Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Wells Fargo & Company raised their target price on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Needham & Company LLC reissued a “buy” rating and set a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. UBS Group raised their price objective on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Finally, Piper Sandler boosted their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $369.50.

Arista Networks Trading Down 1.3 %

Shares of ANET stock opened at $402.00 on Friday. The stock has a market cap of $125.97 billion, a P/E ratio of 55.99, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $422.73. The stock has a 50 day simple moving average of $367.25 and a 200 day simple moving average of $331.59.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. Arista Networks’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.41 EPS. Analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

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.