First National Bank of Hutchinson Cuts Stock Position in Arista Networks, Inc. (NYSE:ANET)

First National Bank of Hutchinson decreased its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 10.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,435 shares of the technology company’s stock after selling 384 shares during the quarter. Arista Networks comprises about 0.9% of First National Bank of Hutchinson’s investment portfolio, making the stock its 24th biggest holding. First National Bank of Hutchinson’s holdings in Arista Networks were worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Beacon Capital Management LLC grew its holdings in shares of 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 during the last quarter. LGT Financial Advisors LLC bought a new stake in shares of Arista Networks in the 2nd quarter worth $27,000. Byrne Asset Management LLC purchased a new position in shares of Arista Networks in the second quarter worth $33,000. Sugarloaf Wealth Management LLC bought a new position in shares of Arista Networks during the second quarter valued at $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Arista Networks during the second quarter valued at $35,000. 82.47% of the stock is owned by institutional investors.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Monday, October 7th. The shares were sold at an average price of $394.69, for a total value of $7,893,800.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP Marc Taxay sold 628 shares of the firm’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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction on Monday, October 7th. The shares were 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 in the company, valued at approximately $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 quarter, insiders have sold 58,197 shares of company stock valued at $21,326,894. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $394.00 on Thursday. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $422.73. The company has a market capitalization of $123.47 billion, a P/E ratio of 54.87, a P/E/G ratio of 3.21 and a beta of 1.07. The company has a fifty day moving average of $370.52 and a 200 day moving average of $333.77.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter last year, the business posted $1.41 earnings per share. The firm’s revenue was up 15.9% on a year-over-year basis. Analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

Analysts Set New Price Targets

ANET has been the topic of several research analyst reports. Citigroup upped their target price on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Needham & Company LLC restated a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a report on Wednesday, July 31st. KeyCorp boosted their target price on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. UBS Group raised their price target on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Finally, Rosenblatt Securities upped their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report 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 assigned a buy rating to the stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $369.50.

Arista Networks Company 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.