Eagle Ridge Investment Management Trims Holdings in Arista Networks, Inc. (NYSE:ANET)

Eagle Ridge Investment Management lowered its holdings in Arista Networks, Inc. (NYSE:ANET) by 5.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,375 shares of the technology company’s stock after selling 77 shares during the quarter. Eagle Ridge Investment Management’s holdings in Arista Networks were worth $528,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Sunbelt Securities Inc. increased its position in Arista Networks by 352.3% during the 1st quarter. Sunbelt Securities Inc. now owns 294 shares of the technology company’s stock valued at $85,000 after purchasing an additional 229 shares during the period. Brookstone Capital Management boosted its stake in shares of Arista Networks by 44.7% during the 1st quarter. Brookstone Capital Management now owns 11,742 shares of the technology company’s stock valued at $3,405,000 after purchasing an additional 3,626 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its stake in shares of Arista Networks by 10.6% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 1,535 shares of the technology company’s stock valued at $445,000 after purchasing an additional 147 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Arista Networks by 143.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,947 shares of the technology company’s stock valued at $12,164,000 after buying an additional 24,744 shares during the period. Finally, AMF Tjanstepension AB bought a new position in Arista Networks in the first quarter worth about $3,915,000. 82.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,280,374.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,570 shares of company stock worth $21,474,782. 3.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on ANET shares. Wells Fargo & Company lifted their price objective on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. KeyCorp upped their price target on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Evercore ISI raised their price objective on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. increased their price target on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $369.50.

Arista Networks Stock Up 0.4 %

NYSE:ANET opened at $395.57 on Friday. The stock has a market cap of $123.96 billion, a price-to-earnings ratio of 55.09, a PEG ratio of 3.21 and a beta of 1.07. The company’s 50 day moving average price is $370.52 and its 200-day moving average price is $333.77. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $422.73.

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

About Arista Networks

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.