Prime Capital Investment Advisors LLC Sells 9,625 Shares of Arista Networks, Inc. (NYSE:ANET)

Prime Capital Investment Advisors LLC decreased its position in Arista Networks, Inc. (NYSE:ANET) by 57.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,179 shares of the technology company’s stock after selling 9,625 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Arista Networks were worth $2,516,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. FCG Investment Co increased its holdings in 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 buying an additional 29 shares during the last quarter. Old Port Advisors increased its stake in shares of Arista Networks by 3.5% during the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after purchasing an additional 32 shares during the last quarter. Fortitude Family Office LLC raised its holdings in shares of Arista Networks by 33.3% in the 2nd quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after purchasing an additional 33 shares during the period. Resonant Capital Advisors LLC grew its holdings in Arista Networks by 4.1% during the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock valued at $305,000 after purchasing an additional 34 shares during the period. Finally, Modera Wealth Management LLC increased its position in Arista Networks by 2.1% in the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock worth $625,000 after buying an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of ANET opened at $359.16 on Tuesday. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $376.50. The stock has a 50 day simple moving average of $340.84 and a two-hundred day simple moving average of $314.50. The firm has a market cap of $112.55 billion, a P/E ratio of 50.02, a P/E/G ratio of 2.70 and a beta of 1.07.

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

Analysts Set New Price Targets

Several research firms have recently weighed in on ANET. Rosenblatt Securities increased 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. Morgan Stanley lifted their target price on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Barclays upped their price target on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Citigroup lifted their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Finally, UBS Group increased their target price on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Insider Buying and Selling at Arista Networks

In other news, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the transaction, the chief executive officer now owns 1,600,800 shares in the company, valued at approximately $555,477,600. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Marc Taxay sold 624 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. 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 three months. Company insiders own 3.54% of the company’s stock.

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.