Highland Capital Management LLC Buys New Holdings in Arista Networks, Inc. (NYSE:ANET)

Highland Capital Management LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,680 shares of the technology company’s stock, valued at approximately $2,180,000.

A number of other hedge funds have also recently added to or reduced their stakes in ANET. Sunbelt Securities Inc. lifted its position in shares of Arista Networks by 352.3% during the 1st quarter. Sunbelt Securities Inc. now owns 294 shares of the technology company’s stock worth $85,000 after buying an additional 229 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its holdings in Arista Networks by 10.6% during the first quarter. Wealthcare Advisory Partners LLC now owns 1,535 shares of the technology company’s stock worth $445,000 after acquiring an additional 147 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Arista Networks by 143.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,947 shares of the technology company’s stock worth $12,164,000 after purchasing an additional 24,744 shares during the last quarter. Atticus Wealth Management LLC grew its stake in Arista Networks by 87.9% in the 1st quarter. Atticus Wealth Management LLC now owns 280 shares of the technology company’s stock valued at $81,000 after purchasing an additional 131 shares during the period. Finally, Trilogy Capital Inc. bought a new stake in shares of Arista Networks during the 1st quarter worth $444,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 373 shares of Arista Networks stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $396.48, for a total transaction of $147,887.04. Following the transaction, the director now directly owns 2,192 shares of the company’s stock, valued at approximately $869,084.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 373 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $396.48, for a total value of $147,887.04. Following the completion of the sale, the director now owns 2,192 shares of the company’s stock, valued at $869,084.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,570 shares of company stock worth $21,474,782 in the last quarter. 3.54% of the stock is owned by insiders.

Arista Networks Stock Down 0.4 %

Shares of NYSE ANET opened at $394.09 on Friday. The stock’s 50-day simple moving average is $372.10 and its two-hundred day simple moving average is $335.14. The firm has a market capitalization of $123.49 billion, a P/E ratio of 54.89, a P/E/G ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $422.73.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on ANET. Needham & Company LLC restated a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a report on Wednesday, July 31st. Wells Fargo & Company lifted their price target on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Jefferies Financial Group increased their price objective on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. The Goldman Sachs Group upped their price target on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. boosted their price objective on Arista Networks from $335.00 to $340.00 and gave the company 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 assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.