LRI Investments LLC cut its stake in Arista Networks, Inc. (NYSE:ANET – Free Report) by 10.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,430 shares of the technology company’s stock after selling 294 shares during the period. LRI Investments LLC’s holdings in Arista Networks were worth $249,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. HighMark Wealth Management LLC raised its stake in Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company’s stock worth $28,000 after acquiring an additional 230 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Arista Networks during the 1st quarter worth about $30,000. Saudi Central Bank acquired a new stake in shares of Arista Networks during the 1st quarter worth about $33,000. REAP Financial Group LLC increased its position in shares of Arista Networks by 108.0% during the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock worth $34,000 after purchasing an additional 175 shares in the last quarter. Finally, Tradewinds Capital Management LLC increased its position in shares of Arista Networks by 45.8% during the 1st quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company’s stock worth $35,000 after purchasing an additional 143 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.
Arista Networks Stock Performance
NYSE ANET opened at $154.51 on Monday. The stock has a fifty day moving average of $140.85 and a 200-day moving average of $109.10. The stock has a market capitalization of $194.19 billion, a P/E ratio of 60.77, a price-to-earnings-growth ratio of 3.21 and a beta of 1.47. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $162.68.
Insider Transactions at Arista Networks
In other news, CEO Jayshree Ullal sold 1,247,688 shares of Arista Networks stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $148.53, for a total transaction of $185,319,098.64. Following the completion of the sale, the chief executive officer owned 5,383,207 shares in the company, valued at $799,567,735.71. The trade was a 18.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $147.49, for a total transaction of $1,179,920.00. Following the sale, the director directly owned 41,784 shares of the company’s stock, valued at $6,162,722.16. This represents a 16.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,678,904 shares of company stock worth $894,021,161 in the last quarter. 3.39% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
ANET has been the subject of several recent analyst reports. Barclays raised their price objective on shares of Arista Networks from $151.00 to $179.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. William Blair reaffirmed an “outperform” rating on shares of Arista Networks in a report on Friday, September 12th. Zacks Research cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. JPMorgan Chase & Co. raised their target price on Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Finally, Erste Group Bank upgraded Arista Networks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 23rd. Nineteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average price target of $163.94.
View Our Latest Research Report on ANET
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.
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