Bristlecone Advisors LLC Has $1.40 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

Bristlecone Advisors LLC decreased its holdings in Arista Networks, Inc. (NYSE:ANET) by 2.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,641 shares of the technology company’s stock after selling 100 shares during the period. Bristlecone Advisors LLC’s holdings in Arista Networks were worth $1,397,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Beacon Capital Management LLC boosted its position in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after purchasing an additional 65 shares during the period. LGT Financial Advisors LLC acquired a new position in Arista Networks in the 2nd quarter valued at about $27,000. Byrne Asset Management LLC bought a new position in Arista Networks in the 2nd quarter valued at about $33,000. Sugarloaf Wealth Management LLC acquired a new stake in Arista Networks during the second quarter worth approximately $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Arista Networks during the second quarter worth approximately $35,000. 82.47% of the stock is currently owned by institutional investors.

Insider Transactions at Arista Networks

In related news, Director Kelly Bodnar Battles sold 373 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total transaction of $147,887.04. Following the transaction, the director now owns 2,192 shares in the company, valued at $869,084.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Kelly Bodnar Battles sold 373 shares of Arista Networks stock in a transaction 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 sale, the director now owns 2,192 shares in the company, valued at $869,084.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction 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 business’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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,570 shares of company stock worth $21,474,782. Company insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

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

Arista Networks (NYSE:ANET) last issued 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 net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter last year, the business earned $1.41 earnings per share. The business’s revenue was up 15.9% on a year-over-year basis. As a group, equities analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on ANET. UBS Group lifted their price target on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Wells Fargo & Company boosted their target price on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Needham & Company LLC reiterated a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a research note on Wednesday, July 31st. Evercore ISI increased their target price on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Finally, KeyCorp lifted their price target on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $369.50.

Arista Networks 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.