Park National Corp OH Reduces Position in Arista Networks, Inc. (NYSE:ANET)

Park National Corp OH reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 16.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 102,613 shares of the technology company’s stock after selling 19,968 shares during the period. Arista Networks accounts for about 1.4% of Park National Corp OH’s portfolio, making the stock its 18th largest holding. Park National Corp OH’s holdings in Arista Networks were worth $39,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Beacon Capital Management LLC increased its position in shares of Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after purchasing an additional 65 shares during the last quarter. 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. acquired a new stake in shares of Arista Networks during the first quarter valued at about $26,000. Byrne Asset Management LLC purchased a new stake in shares of Arista Networks in the 2nd quarter valued at approximately $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new position in shares of Arista Networks in the 2nd quarter worth approximately $35,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 2.0 %

Shares of NYSE:ANET opened at $389.58 on Thursday. The firm has a 50 day simple moving average of $348.50 and a 200-day simple moving average of $322.59. The company has a market capitalization of $122.08 billion, a PE ratio of 54.26, a P/E/G ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $395.82.

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 firm 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%. Arista Networks’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.41 earnings per share. As a group, equities research analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler boosted their target price on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. Morgan Stanley boosted their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Rosenblatt Securities boosted their price target on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Finally, KeyCorp raised their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $364.81.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,202,550.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Arista Networks news, SVP Marc Taxay sold 628 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. Insiders sold a total of 54,157 shares of company stock valued at $19,291,193 in the last three months. 3.54% of the stock is currently owned by company insiders.

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.