Raleigh Capital Management Inc. Increases Stake in Arista Networks, Inc. (NYSE:ANET)

Raleigh Capital Management Inc. raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 16.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 540 shares of the technology company’s stock after buying an additional 77 shares during the period. Raleigh Capital Management Inc.’s holdings in Arista Networks were worth $207,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. GQG Partners LLC purchased a new stake in shares of Arista Networks in the first quarter worth $881,848,000. Legal & General Group Plc increased its stake in shares of Arista Networks by 0.9% in the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after purchasing an additional 20,278 shares in the last quarter. Swedbank AB purchased a new stake in shares of Arista Networks in the first quarter worth $521,767,000. Ameriprise Financial Inc. increased its stake in shares of Arista Networks by 97.2% in the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after purchasing an additional 884,703 shares in the last quarter. Finally, TD Asset Management Inc boosted its position in shares of Arista Networks by 18.7% during the first quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock worth $273,652,000 after acquiring an additional 148,759 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Trading Down 2.3 %

Shares of ANET opened at $396.62 on Wednesday. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $422.73. The company has a market cap of $124.29 billion, a P/E ratio of 55.24, a P/E/G ratio of 3.21 and a beta of 1.07. The company’s fifty day simple moving average is $369.61 and its 200-day simple moving average is $333.34.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion for 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 firm’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.41 EPS. Analysts predict that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Barclays upped their target price on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Rosenblatt Securities upped their target price on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Piper Sandler upped their target price on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Needham & Company LLC restated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Finally, Morgan Stanley upped their target price on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. One 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. According to data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus price target of $369.50.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $394.69, for a total value of $7,893,800.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,280,374.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $5,624,679.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $1,280,374.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,197 shares of company stock valued at $21,326,894 in the last 90 days. Company insiders own 3.54% of the company’s stock.

About Arista Networks

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.