Arista Networks, Inc. (NYSE:ANET) Shares Sold by Tobam

Tobam lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 38.6% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 21,463 shares of the technology company’s stock after selling 13,500 shares during the period. Arista Networks makes up approximately 1.5% of Tobam’s investment portfolio, making the stock its 23rd largest position. Tobam’s holdings in Arista Networks were worth $8,238,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Benjamin Edwards Inc. acquired a new stake in Arista Networks during the 1st quarter worth $26,000. Beacon Capital Management LLC boosted its holdings in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after buying an additional 65 shares in the last quarter. LGT Financial Advisors LLC purchased a new stake in Arista Networks during the second quarter worth about $27,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after buying an additional 96 shares in the last quarter. Finally, Byrne Asset Management LLC purchased a new stake in Arista Networks during the second quarter worth about $33,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Evercore ISI upped their price target on shares of Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. UBS Group upped their price target on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Morgan Stanley upped their price target 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, Bank of America upped their price target on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $369.50.

Insider Activity

In other news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the transaction, the director now directly owns 2,726 shares in the company, valued at $883,278.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 832 shares of the stock in a transaction 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 transaction, the chief executive officer now 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 disclosure for this sale can be found here. Over the last three months, insiders sold 58,197 shares of company stock worth $21,326,894. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Up 0.4 %

Shares of Arista Networks stock traded up $1.79 during trading hours on Thursday, hitting $408.72. The company’s stock had a trading volume of 613,881 shares, compared to its average volume of 2,244,361. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $410.71. The business has a fifty day moving average of $355.96 and a 200 day moving average of $326.09. The company has a market capitalization of $128.08 billion, a PE ratio of 56.40, a P/E/G ratio of 3.04 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, beating the consensus estimate of $1.72 by $0.38. The business had revenue of $1.69 billion during 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 business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 earnings per share. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share 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.