Envestnet Asset Management Inc. Boosts Position in Arista Networks, Inc. (NYSE:ANET)

Envestnet Asset Management Inc. increased its stake in Arista Networks, Inc. (NYSE:ANETGet Rating) by 12.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 165,728 shares of the technology company’s stock after buying an additional 18,342 shares during the period. Envestnet Asset Management Inc. owned 0.05% of Arista Networks worth $23,033,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Asset Dedication LLC purchased a new position in Arista Networks during the 1st quarter valued at about $25,000. Riverview Trust Co purchased a new position in Arista Networks during the 1st quarter valued at about $26,000. JJJ Advisors Inc. increased its position in Arista Networks by 300.0% during the 4th quarter. JJJ Advisors Inc. now owns 196 shares of the technology company’s stock valued at $28,000 after purchasing an additional 147 shares during the period. Addison Advisors LLC purchased a new position in Arista Networks during the 1st quarter valued at about $28,000. Finally, Benjamin F. Edwards & Company Inc. increased its position in Arista Networks by 300.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 200 shares of the technology company’s stock valued at $29,000 after purchasing an additional 150 shares during the period. Hedge funds and other institutional investors own 67.10% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 6,779 shares of the company’s stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $102.32, for a total value of $693,627.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Arista Networks news, Director Charles H. Giancarlo sold 6,660 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $92.70, for a total value of $617,382.00. Following the completion of the transaction, the director now owns 105,606 shares in the company, valued at $9,789,676.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Marc Taxay sold 6,779 shares of the company’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $102.32, for a total transaction of $693,627.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 523,272 shares of company stock valued at $53,973,592. 19.59% of the stock is owned by insiders.

Arista Networks Stock Performance

NYSE:ANET opened at $117.14 on Wednesday. Arista Networks, Inc. has a one year low of $85.18 and a one year high of $148.57. The firm has a market cap of $36.11 billion, a price-to-earnings ratio of 40.12, a PEG ratio of 1.98 and a beta of 1.35. The firm’s fifty day moving average is $100.69 and its two-hundred day moving average is $114.69.

Arista Networks (NYSE:ANETGet Rating) last posted its quarterly earnings results on Monday, August 1st. The technology company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.78 by $0.30. Arista Networks had a net margin of 29.54% and a return on equity of 21.16%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $979.66 million. During the same period in the prior year, the company earned $0.56 earnings per share. The firm’s revenue was up 48.7% on a year-over-year basis. As a group, equities research analysts predict that Arista Networks, Inc. will post 3.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ANET. Credit Suisse Group lifted their price objective on shares of Arista Networks from $178.00 to $185.00 and gave the stock a “maintains” rating in a research report on Tuesday. Bank of America downgraded shares of Arista Networks from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $140.00 to $105.00 in a research report on Wednesday, July 20th. Cowen lifted their price objective on shares of Arista Networks from $154.00 to $163.00 and gave the stock an “outperform” rating in a research report on Tuesday. Evercore ISI lifted their price objective on shares of Arista Networks from $135.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Morgan Stanley lifted their price objective on shares of Arista Networks from $114.00 to $125.00 and gave the stock a “maintains” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $152.79.

About Arista Networks

(Get Rating)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

Further Reading

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANETGet Rating).

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

Want More Great Investing Ideas?

Receive News & Ratings for Arista Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks and related companies with MarketBeat.com's FREE daily email newsletter.