Diversify Advisory Services LLC Lowers Stake in Arista Networks, Inc. (NYSE:ANET)

Diversify Advisory Services LLC cut its stake in Arista Networks, Inc. (NYSE:ANET) by 32.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,831 shares of the technology company’s stock after selling 1,803 shares during the period. Diversify Advisory Services LLC’s holdings in Arista Networks were worth $1,519,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ANET. GQG Partners LLC purchased a new position in shares of Arista Networks in the 1st quarter worth about $881,848,000. Legal & General Group Plc boosted its stake in Arista Networks by 0.9% in the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after buying an additional 20,278 shares in the last quarter. Swedbank AB bought a new position in Arista Networks during the first quarter valued at approximately $521,767,000. Ameriprise Financial Inc. raised its stake in shares of Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after acquiring an additional 884,703 shares in the last quarter. Finally, TD Asset Management Inc lifted its holdings in shares of Arista Networks by 18.7% in the 1st quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock worth $273,652,000 after acquiring an additional 148,759 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ANET. Morgan Stanley lifted their target price on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Jefferies Financial Group increased their target price on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. UBS Group lifted 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. Wells Fargo & Company increased their price objective on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Citigroup lifted their target price on shares of Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. One 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 MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $369.50.

Arista Networks Trading Up 2.3 %

ANET opened at $401.57 on Wednesday. Arista Networks, Inc. has a 12-month low of $174.59 and a 12-month high of $422.73. The company has a market cap of $125.84 billion, a price-to-earnings ratio of 55.93, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. The stock has a fifty day simple moving average of $373.86 and a two-hundred day simple moving average of $337.07.

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

Insider Activity

In related news, Director Kelly Bodnar Battles sold 373 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total transaction of $147,887.04. Following the completion of the transaction, the director now owns 2,192 shares of the company’s stock, valued at $869,084.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Arista Networks news, Director Kelly Bodnar Battles sold 373 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $396.48, for a total transaction of $147,887.04. Following the completion of the sale, the director now directly owns 2,192 shares in the company, valued at approximately $869,084.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $342.28, for a total transaction of $684,560.00. Following the completion of the transaction, the director now owns 50,946 shares in the company, valued at approximately $17,437,796.88. This represents a 0.00 % decrease in their position. 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. Insiders own 3.54% of the company’s stock.

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.