Raymond James & Associates Grows Stake in Arista Networks, Inc. (NYSE:ANET)

Raymond James & Associates lifted its position in Arista Networks, Inc. (NYSE:ANET) by 1.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 214,204 shares of the technology company’s stock after acquiring an additional 2,566 shares during the period. Raymond James & Associates’ holdings in Arista Networks were worth $82,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in ANET. Beacon Capital Management LLC boosted its holdings in Arista Networks by 500.0% in the 2nd 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 last quarter. LGT Financial Advisors LLC purchased a new stake in Arista Networks during the 2nd quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. grew its holdings in Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares in the last quarter. Byrne Asset Management LLC purchased a new position in Arista Networks in the second quarter valued at approximately $33,000. Finally, Sugarloaf Wealth Management LLC purchased a new position in Arista Networks during 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 Down 1.3 %

Shares of ANET stock opened at $402.00 on Monday. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $422.73. The stock’s fifty day simple moving average is $367.25 and its 200-day simple moving average is $331.82. The company has a market capitalization of $125.97 billion, a price-to-earnings ratio of 55.99, a P/E/G ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results 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 company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm’s revenue was up 15.9% compared to the same quarter last year. During the same period last year, the business posted $1.41 earnings per share. On average, sell-side analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Activity

In related news, SVP Marc Taxay sold 628 shares of the company’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $1,280,374.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,197 shares of company stock worth $21,326,894. 3.54% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Evercore ISI increased their target price on Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Jefferies Financial Group raised their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. Citigroup lifted their price objective on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, Barclays boosted their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $369.50.

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.