American Century Companies Inc. Cuts Stake in Arista Networks, Inc. (NYSE:ANET)

American Century Companies Inc. reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 15.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 322,697 shares of the technology company’s stock after selling 60,272 shares during the quarter. American Century Companies Inc. owned 0.10% of Arista Networks worth $113,099,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ANET. Beacon Capital Management LLC boosted its stake in shares of Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares during the period. LGT Financial Advisors LLC acquired a new stake in shares of Arista Networks during the second quarter valued at about $27,000. Benjamin Edwards Inc. purchased a new stake in shares of Arista Networks during the first quarter worth about $26,000. Byrne Asset Management LLC acquired a new position in shares of Arista Networks in the second quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC purchased a new position in Arista Networks in the second quarter valued at about $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the sale, the director now directly owns 2,726 shares of the company’s stock, valued at approximately $883,278.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider John F. Mccool sold 580 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $205,731.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were 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. The disclosure for this sale can be found here. Insiders sold a total of 106,989 shares of company stock worth $37,891,416 over the last 90 days. 3.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on ANET. Barclays increased their target price on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Needham & Company LLC reissued a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Bank of America upped their target price on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Piper Sandler boosted their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Finally, Morgan Stanley upped their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Stock Up 1.2 %

Shares of NYSE ANET opened at $359.76 on Friday. The stock has a market cap of $113.02 billion, a P/E ratio of 50.11, a P/E/G ratio of 2.70 and a beta of 1.07. The firm’s 50-day simple moving average is $341.07 and its 200 day simple moving average is $313.35. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $376.50.

Arista Networks (NYSE:ANET) last posted 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 during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business’s revenue was up 15.9% on a year-over-year basis. During the same period last year, the firm posted $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 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.