Arista Networks, Inc. (NYSE:ANET) Shares Sold by Garrison Asset Management LLC

Garrison Asset Management LLC decreased its stake in Arista Networks, Inc. (NYSE:ANET) by 2.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 22,275 shares of the technology company’s stock after selling 482 shares during the period. Arista Networks accounts for approximately 4.1% of Garrison Asset Management LLC’s holdings, making the stock its 2nd largest position. Garrison Asset Management LLC’s holdings in Arista Networks were worth $7,807,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Benjamin Edwards Inc. bought a new position in shares of Arista Networks in the first quarter valued at approximately $26,000. Beacon Capital Management LLC raised its position in Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares during the last quarter. LGT Financial Advisors LLC acquired a new position in Arista Networks in the second quarter worth $27,000. Financial Synergies Wealth Advisors Inc. grew its holdings in shares of Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after purchasing an additional 96 shares during the last quarter. Finally, Byrne Asset Management LLC acquired a new stake in shares of Arista Networks in the second quarter valued at $33,000. 82.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Morgan Stanley increased their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Citigroup increased their price target on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Bank of America boosted their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. KeyCorp increased their price objective on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company boosted their target price on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $358.63.

Insider Transactions at Arista Networks

In related news, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Arista Networks news, SVP Marc Taxay sold 624 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 1,689 shares of Arista Networks stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $321.28, for a total value of $542,641.92. Following the completion of the sale, the senior vice president now directly owns 182,600 shares in the company, valued at approximately $58,665,728. The disclosure for this sale can be found here. Insiders have sold a total of 106,989 shares of company stock valued at $37,891,416 over the last 90 days. 3.54% of the stock is owned by company insiders.

Arista Networks Price Performance

Arista Networks stock opened at $359.76 on Friday. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $376.50. The firm has a market capitalization of $113.02 billion, a price-to-earnings ratio of 50.11, a PEG ratio of 2.70 and a beta of 1.07. The company’s 50 day simple moving average is $341.07 and its 200 day simple moving average is $313.64.

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