Diversify Wealth Management LLC Takes Position in Arista Networks, Inc. (NYSE:ANET)

Diversify Wealth Management LLC purchased a new stake in Arista Networks, Inc. (NYSE:ANET) in the second quarter, Holdings Channel reports. The firm purchased 6,648 shares of the technology company’s stock, valued at approximately $2,330,000.

Other institutional investors have also made changes to their positions in the company. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks in the 1st quarter valued at approximately $26,000. Beacon Capital Management LLC increased its holdings in shares of 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 acquiring an additional 65 shares during the last quarter. LGT Financial Advisors LLC bought a new stake in shares of Arista Networks in the 2nd quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. increased its holdings in shares of Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares during the last quarter. Finally, Byrne Asset Management LLC bought a new stake in shares of Arista Networks in the 2nd quarter valued at approximately $33,000. 82.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ANET. UBS Group boosted their price target on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. KeyCorp boosted 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. Wells Fargo & Company boosted their price objective on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Piper Sandler boosted their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. Finally, Bank of America boosted their price objective on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Stock Up 1.2 %

Shares of Arista Networks stock opened at $359.76 on Friday. The firm has a market cap of $113.02 billion, a price-to-earnings ratio of 50.11, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The business has a fifty day simple moving average of $341.07 and a 200-day simple moving average of $313.64. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $376.50.

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

Insider Activity

In other news, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the sale, the director now owns 2,726 shares in the company, valued at $883,278.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the sale, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John F. Mccool sold 580 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $205,731.80. The disclosure for this sale can be found here. Insiders sold a total of 106,989 shares of company stock worth $37,891,416 over the last 90 days. 3.54% of the stock is currently owned by company insiders.

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.