Arista Networks, Inc. (NYSE:ANET) Position Boosted by Brighton Jones LLC

Brighton Jones LLC grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 12.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,851 shares of the technology company’s stock after purchasing an additional 201 shares during the period. Brighton Jones LLC’s holdings in Arista Networks were worth $711,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Beacon Capital Management LLC lifted its stake in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares in the last quarter. LGT Financial Advisors LLC purchased a new stake in Arista Networks during the second quarter valued at about $27,000. Byrne Asset Management LLC purchased a new stake in Arista Networks during the second quarter valued at about $33,000. Sugarloaf Wealth Management LLC purchased a new stake in Arista Networks during the second quarter valued at about $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Arista Networks during the second quarter valued at about $35,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

ANET opened at $394.04 on Friday. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $422.73. The firm’s fifty day moving average price is $371.30 and its two-hundred day moving average price is $334.19. The company has a market capitalization of $123.48 billion, a P/E ratio of 54.88, a P/E/G ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the company earned $1.41 earnings per share. The business’s revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arista Networks news, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction dated 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 can be accessed through this link. Also, SVP Kenneth Duda sold 1,592 shares of Arista Networks stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $349.55, for a total value of $556,483.60. Following the completion of the transaction, the senior vice president now directly owns 186,600 shares of the company’s stock, valued at $65,226,030. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 58,570 shares of company stock worth $21,474,782 over the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on ANET shares. JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Barclays raised their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. UBS Group raised their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Wells Fargo & Company raised their price objective on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, Piper Sandler raised their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $369.50.

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.