Broadleaf Partners LLC cut its position in shares of Arista Networks, Inc. (NYSE:ANET – Get Rating) by 0.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,457 shares of the technology company's stock after selling 121 shares during the quarter. Arista Networks comprises about 3.3% of Broadleaf Partners LLC's holdings, making the stock its 7th largest position. Broadleaf Partners LLC's holdings in Arista Networks were worth $7,841,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of ANET. Convergence Investment Partners LLC bought a new position in Arista Networks during the third quarter worth $140,000. Cookson Peirce & Co. Inc. boosted its stake in Arista Networks by 0.9% during the third quarter. Cookson Peirce & Co. Inc. now owns 127,590 shares of the technology company's stock worth $14,404,000 after acquiring an additional 1,097 shares in the last quarter. Signaturefd LLC boosted its stake in Arista Networks by 33.8% during the third quarter. Signaturefd LLC now owns 5,981 shares of the technology company's stock worth $675,000 after acquiring an additional 1,512 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Arista Networks by 5.9% during the third quarter. Treasurer of the State of North Carolina now owns 115,082 shares of the technology company's stock worth $12,992,000 after acquiring an additional 6,440 shares in the last quarter. Finally, RMR Wealth Builders boosted its stake in Arista Networks by 27.3% during the third quarter. RMR Wealth Builders now owns 3,295 shares of the technology company's stock worth $372,000 after acquiring an additional 706 shares in the last quarter. 64.30% of the stock is currently owned by institutional investors and hedge funds.
Get Arista Networks alerts:Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the stock. Bank of America raised shares of Arista Networks from an "underperform" rating to a "buy" rating and increased their target price for the stock from $105.00 to $150.00 in a research note on Tuesday, November 1st. Morgan Stanley raised their price objective 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. Credit Suisse Group raised their price objective on shares of Arista Networks from $119.00 to $140.00 and gave the company a "neutral" rating in a research note on Monday, November 7th. Piper Sandler dropped their price objective on shares of Arista Networks from $164.00 to $155.00 in a research note on Tuesday, January 17th. Finally, StockNews.com began coverage on shares of Arista Networks in a research note on Wednesday, October 12th. They issued a "buy" rating on the stock. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Arista Networks currently has an average rating of "Moderate Buy" and an average target price of $167.79.
Arista Networks Stock Up 0.3 %
NYSE ANET traded up $0.33 during trading hours on Wednesday, reaching $126.35. 769,626 shares of the company were exchanged, compared to its average volume of 2,079,239. Arista Networks, Inc. has a 1 year low of $89.11 and a 1 year high of $143.57. The business's 50 day simple moving average is $123.63 and its 200-day simple moving average is $120.51. The stock has a market capitalization of $38.61 billion, a P/E ratio of 34.34, a P/E/G ratio of 1.55 and a beta of 1.30.Arista Networks (NYSE:ANET – Get Rating) last posted its quarterly earnings data on Monday, October 31st. The technology company reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.22. Arista Networks had a net margin of 29.63% and a return on equity of 27.23%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the company posted $0.60 earnings per share. The firm's quarterly revenue was up 57.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 3.81 earnings per share for the current year.
Insider Buying and Selling
In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $127.38, for a total value of $2,547,600.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at $413,220.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $127.38, for a total value of $2,547,600.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at $413,220.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 1,040 shares of Arista Networks stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $122.91, for a total transaction of $127,826.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,231 shares of company stock worth $10,878,207. Insiders own 19.59% of the company's stock.
Arista Networks Company Profile
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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.
Further Reading
- Get a free copy of the StockNews.com research report on Arista Networks (ANET)
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