Cary Street Partners Investment Advisory LLC Increases Stake in Arista Networks, Inc. (NYSE:ANET)

Cary Street Partners Investment Advisory LLC raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 15,550.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,565 shares of the technology company’s stock after purchasing an additional 1,555 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in Arista Networks were worth $254,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. RFP Financial Group LLC raised its holdings in Arista Networks by 169.2% during the 2nd quarter. RFP Financial Group LLC now owns 175 shares of the technology company’s stock valued at $28,000 after acquiring an additional 110 shares during the period. Hollencrest Capital Management bought a new stake in shares of Arista Networks during the 1st quarter valued at $30,000. TFC Financial Management Inc. lifted its holdings in Arista Networks by 131.0% during the 1st quarter. TFC Financial Management Inc. now owns 194 shares of the technology company’s stock worth $33,000 after purchasing an additional 110 shares in the last quarter. McIlrath & Eck LLC boosted its stake in Arista Networks by 139.6% in the 1st quarter. McIlrath & Eck LLC now owns 254 shares of the technology company’s stock worth $43,000 after purchasing an additional 148 shares during the period. Finally, Coppell Advisory Solutions Corp. purchased a new position in Arista Networks during the 4th quarter valued at about $43,000. Institutional investors own 67.13% of the company’s stock.

Arista Networks Stock Performance

ANET stock opened at $215.34 on Tuesday. The firm has a market cap of $66.99 billion, a P/E ratio of 35.89, a P/E/G ratio of 1.87 and a beta of 1.12. The firm’s fifty day moving average is $193.94 and its 200 day moving average is $176.16. Arista Networks, Inc. has a 52 week low of $107.57 and a 52 week high of $218.36.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Monday, October 30th. The technology company reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.22. Arista Networks had a return on equity of 31.16% and a net margin of 33.97%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. As a group, analysts forecast that Arista Networks, Inc. will post 5.77 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ANET shares. The Goldman Sachs Group increased their price target on shares of Arista Networks from $223.00 to $248.00 and gave the stock a “buy” rating in a report on Friday, November 10th. Citigroup upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their price target for the company from $177.00 to $220.00 in a research report on Thursday, August 31st. William Blair reaffirmed an “outperform” rating on shares of Arista Networks in a report on Tuesday, October 31st. Morgan Stanley raised Arista Networks from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $185.00 to $220.00 in a research note on Tuesday, October 31st. Finally, Argus upped their target price on Arista Networks from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $214.72.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 16,500 shares of the stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $192.22, for a total transaction of $3,171,630.00. Following the completion of the sale, the chief executive officer now owns 1,740,200 shares of the company’s stock, valued at $334,501,244. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Arista Networks news, Director Kelly Bodnar Battles sold 284 shares of the stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $212.36, for a total value of $60,310.24. Following the completion of the sale, the director now owns 2,459 shares in the company, valued at approximately $522,193.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 16,500 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $192.22, for a total value of $3,171,630.00. Following the transaction, the chief executive officer now directly owns 1,740,200 shares in the company, valued at $334,501,244. The disclosure for this sale can be found here. Insiders have sold 158,445 shares of company stock valued at $32,025,073 in the last ninety days. Company insiders own 18.99% of the company’s stock.

About Arista Networks

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.