Arista Networks, Inc. (NYSE:ANET) Shares Bought by Smith Salley Wealth Management

Smith Salley Wealth Management grew its position in Arista Networks, Inc. (NYSE:ANET) by 4.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,774 shares of the technology company’s stock after acquiring an additional 691 shares during the quarter. Smith Salley Wealth Management’s holdings in Arista Networks were worth $6,054,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Boston Trust Walden Corp acquired a new stake in shares of Arista Networks during the third quarter worth about $210,000. Wealth Enhancement Advisory Services LLC increased its position in Arista Networks by 78.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 81,933 shares of the technology company’s stock valued at $31,447,000 after acquiring an additional 36,111 shares during the period. PFG Investments LLC purchased a new stake in Arista Networks during the 3rd quarter valued at approximately $314,000. Arkadios Wealth Advisors lifted its position in Arista Networks by 63.1% during the 3rd quarter. Arkadios Wealth Advisors now owns 2,303 shares of the technology company’s stock worth $884,000 after acquiring an additional 891 shares during the period. Finally, NorthCrest Asset Manangement LLC purchased a new position in shares of Arista Networks in the 3rd quarter valued at approximately $820,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

ANET opened at $394.09 on Friday. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $422.73. The company’s 50 day simple moving average is $372.10 and its 200 day simple moving average is $335.14. The stock has a market capitalization of $123.49 billion, a PE ratio of 54.89, a P/E/G ratio of 3.21 and a beta of 1.07.

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, beating analysts’ consensus estimates 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 net margin of 39.01% and a return on equity of 30.50%. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the business earned $1.41 EPS. As a group, sell-side analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Arista Networks news, Director Kelly Bodnar Battles sold 373 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total value of $147,887.04. Following the transaction, the director now directly owns 2,192 shares of the company’s stock, valued at $869,084.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Marc Taxay sold 628 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 58,570 shares of company stock valued at $21,474,782. Company insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Rosenblatt Securities upped their price target on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Evercore ISI lifted their price target on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. increased their price objective on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Finally, Barclays increased their price target on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $369.50.

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.