Raymond James Financial Services Advisors Inc. Sells 1,200 Shares of Arista Networks, Inc. (NYSE:ANET)

Raymond James Financial Services Advisors Inc. reduced its position in Arista Networks, Inc. (NYSE:ANETGet Rating) by 5.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,258 shares of the technology company’s stock after selling 1,200 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Arista Networks were worth $2,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Arista Networks by 1.4% during the first quarter. Vanguard Group Inc. now owns 25,268,588 shares of the technology company’s stock worth $3,511,828,000 after acquiring an additional 353,253 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Arista Networks by 10.7% during the second quarter. Artisan Partners Limited Partnership now owns 5,724,904 shares of the technology company’s stock worth $536,652,000 after acquiring an additional 553,782 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Arista Networks by 5.7% during the second quarter. Legal & General Group Plc now owns 1,867,464 shares of the technology company’s stock worth $175,058,000 after acquiring an additional 101,483 shares during the last quarter. Invesco Ltd. boosted its position in shares of Arista Networks by 3.2% during the first quarter. Invesco Ltd. now owns 1,823,080 shares of the technology company’s stock worth $253,371,000 after acquiring an additional 57,203 shares during the last quarter. Finally, State Farm Mutual Automobile Insurance Co. boosted its position in shares of Arista Networks by 2.1% during the second quarter. State Farm Mutual Automobile Insurance Co. now owns 1,342,020 shares of the technology company’s stock worth $125,801,000 after acquiring an additional 27,369 shares during the last quarter. 64.30% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

NYSE:ANET opened at $115.00 on Tuesday. Arista Networks, Inc. has a fifty-two week low of $89.11 and a fifty-two week high of $143.57. The stock has a market capitalization of $35.14 billion, a P/E ratio of 31.34, a P/E/G ratio of 1.45 and a beta of 1.30. The company’s 50-day simple moving average is $126.03 and its 200-day simple moving average is $118.86.

Arista Networks (NYSE:ANETGet Rating) last released its quarterly earnings results on Monday, October 31st. The technology company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.22. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Arista Networks had a net margin of 29.63% and a return on equity of 27.23%. The company’s revenue was up 57.2% compared to the same quarter last year. During the same period last year, the business earned $0.60 EPS. On average, research analysts forecast that Arista Networks, Inc. will post 3.81 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Barclays upped their price target on shares of Arista Networks from $131.00 to $143.00 and gave the company an “overweight” rating in a research note on Tuesday, November 1st. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and upped their price target for the company from $126.00 to $164.00 in a research note on Friday, November 4th. Cowen upped their price target on shares of Arista Networks from $203.00 to $212.00 and gave the company an “outperform” rating in a research note on Tuesday, December 13th. Morgan Stanley increased their target price on shares of Arista Networks from $115.00 to $130.00 and gave the company an “equal weight” rating in a research note on Monday, November 7th. Finally, StockNews.com initiated coverage on shares of Arista Networks in a research note on Wednesday, October 12th. They issued a “buy” rating on the stock. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $168.26.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $114.69, for a total transaction of $2,293,800.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $372,054.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $114.69, for a total transaction of $2,293,800.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $372,054.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John F. Mccool sold 1,332 shares of the firm’s stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $140.05, for a total transaction of $186,546.60. The disclosure for this sale can be found here. Insiders sold 91,171 shares of company stock worth $11,613,443 in the last three months. Corporate insiders own 19.59% of the company’s stock.

About Arista Networks

(Get Rating)

Arista Networks, Inc engages in the development, marketing, and sale of cloud networking solutions. Its cloud networking solutions consist of Extensible Operating System (EOS), a set of network applications and Ethernet switching, and routing platforms. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in October 2004 and is headquartered in Santa Clara, CA.

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

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