Sendero Wealth Management LLC Sells 58,137 Shares of Arista Networks, Inc. $ANET

Sendero Wealth Management LLC lessened its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 42.4% during the third quarter, Holdings Channel reports. The fund owned 78,956 shares of the technology company’s stock after selling 58,137 shares during the quarter. Arista Networks comprises 1.3% of Sendero Wealth Management LLC’s investment portfolio, making the stock its 13th largest position. Sendero Wealth Management LLC’s holdings in Arista Networks were worth $11,505,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Arista Networks by 1.2% in the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after purchasing an additional 1,136,167 shares in the last quarter. Cresset Asset Management LLC grew its stake in shares of Arista Networks by 1.0% in the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock valued at $2,698,362,000 after buying an additional 263,272 shares during the period. Geode Capital Management LLC increased its position in Arista Networks by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after buying an additional 128,977 shares in the last quarter. Alliancebernstein L.P. raised its stake in Arista Networks by 9.0% during the 1st quarter. Alliancebernstein L.P. now owns 22,959,214 shares of the technology company’s stock worth $1,778,880,000 after buying an additional 1,889,198 shares during the period. Finally, Norges Bank bought a new position in Arista Networks in the second quarter worth approximately $1,228,177,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Trading Down 3.0%

Shares of NYSE:ANET opened at $122.33 on Thursday. The stock has a market cap of $154.05 billion, a PE ratio of 46.51, a price-to-earnings-growth ratio of 2.42 and a beta of 1.41. The stock’s fifty day simple moving average is $137.41 and its two-hundred day simple moving average is $127.44. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same quarter in the prior year, the business posted $2.40 EPS. The business’s revenue was up 27.5% compared to the same quarter last year. On average, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the transaction, the chief executive officer owned 9,917 shares of the company’s stock, valued at $1,235,162.35. This trade represents a 70.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kenneth Duda sold 26,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $128.61, for a total value of $3,343,860.00. Following the completion of the transaction, the insider owned 542,400 shares in the company, valued at $69,758,064. The trade was a 4.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 218,464 shares of company stock worth $30,309,988. Corporate insiders own 3.39% of the company’s stock.

Analysts Set New Price Targets

ANET has been the subject of several recent research reports. Needham & Company LLC boosted their price objective on Arista Networks from $155.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. The Goldman Sachs Group lifted their price target on shares of Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Evercore ISI upped their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $140.00 price objective on shares of Arista Networks in a research note on Monday, November 24th. Finally, BNP Paribas Exane raised shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 target price for the company in a research report on Thursday, September 25th. Seventeen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $163.56.

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.