Harvest Fund Management Co. Ltd Cuts Position in Arista Networks, Inc. (NYSE:ANET)

Harvest Fund Management Co. Ltd lessened its position in shares of Arista Networks, Inc. (NYSE:ANET) by 16.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,585 shares of the technology company’s stock after selling 491 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Arista Networks were worth $609,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ANET. AXQ Capital LP purchased a new position in shares of Arista Networks in the 3rd quarter worth approximately $791,000. Advisor Resource Council boosted its holdings in shares of Arista Networks by 507.9% in the 4th quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock worth $1,653,000 after purchasing an additional 5,866 shares during the period. Bleakley Financial Group LLC lifted its stake in shares of Arista Networks by 4.6% during the 4th quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock worth $1,047,000 after acquiring an additional 194 shares during the last quarter. WCM Investment Management LLC lifted its stake in shares of Arista Networks by 0.5% during the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after acquiring an additional 16,081 shares during the last quarter. Finally, Cambridge Trust Co. lifted its stake in shares of Arista Networks by 70.1% during the 3rd quarter. Cambridge Trust Co. now owns 50,255 shares of the technology company’s stock worth $9,243,000 after acquiring an additional 20,704 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $940,922.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at $940,922.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 980 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $268.29, for a total transaction of $262,924.20. Following the completion of the transaction, the chief executive officer now owns 73,051 shares of the company’s stock, valued at approximately $19,598,852.79. The disclosure for this sale can be found here. In the last quarter, insiders sold 334,227 shares of company stock worth $95,828,875. Insiders own 18.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ANET. KeyCorp lifted their target price on Arista Networks from $232.00 to $287.00 and gave the company an “overweight” rating in a research report on Thursday, January 18th. Melius Research raised Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research report on Monday, January 8th. JMP Securities reissued a “market outperform” rating and issued a $325.00 price target on shares of Arista Networks in a research report on Tuesday, February 13th. Barclays boosted their price target on Arista Networks from $272.00 to $311.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. Finally, Morgan Stanley boosted their price target on Arista Networks from $230.00 to $272.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. One 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 company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $275.59.

Arista Networks Price Performance

Shares of NYSE:ANET traded up $3.59 during midday trading on Wednesday, hitting $254.77. The company had a trading volume of 2,562,767 shares, compared to its average volume of 2,468,664. The business’s 50-day simple moving average is $279.29 and its 200-day simple moving average is $246.19. The stock has a market cap of $79.65 billion, a price-to-earnings ratio of 38.85, a price-to-earnings-growth ratio of 2.10 and a beta of 1.09. Arista Networks, Inc. has a twelve month low of $131.68 and a twelve month high of $307.74.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business’s revenue was up 20.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.25 EPS. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 6.7 EPS for the current year.

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.