Wealthspire Advisors LLC Has $1.61 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

Wealthspire Advisors LLC boosted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 328.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,587 shares of the technology company’s stock after buying an additional 3,516 shares during the period. Wealthspire Advisors LLC’s holdings in Arista Networks were worth $1,608,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Thoroughbred Financial Services LLC increased its stake in Arista Networks by 34.5% in the second quarter. Thoroughbred Financial Services LLC now owns 4,136 shares of the technology company’s stock valued at $1,449,000 after acquiring an additional 1,061 shares during the last quarter. Parallel Advisors LLC boosted its holdings in shares of Arista Networks by 12.5% in the 2nd quarter. Parallel Advisors LLC now owns 7,450 shares of the technology company’s stock valued at $2,611,000 after purchasing an additional 826 shares in the last quarter. HBK Sorce Advisory LLC increased its stake in shares of Arista Networks by 30.3% in the 2nd quarter. HBK Sorce Advisory LLC now owns 4,566 shares of the technology company’s stock valued at $1,600,000 after purchasing an additional 1,062 shares during the last quarter. Valley Wealth Managers Inc. raised its holdings in shares of Arista Networks by 9.7% during the 2nd quarter. Valley Wealth Managers Inc. now owns 2,287 shares of the technology company’s stock worth $802,000 after buying an additional 203 shares in the last quarter. Finally, GHP Investment Advisors Inc. lifted its position in shares of Arista Networks by 39.0% during the 2nd quarter. GHP Investment Advisors Inc. now owns 371 shares of the technology company’s stock worth $130,000 after buying an additional 104 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on ANET shares. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Rosenblatt Securities upped their price objective on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. KeyCorp raised their target price on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Barclays upped their price target on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Piper Sandler raised their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. One 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $358.63.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00. Following the transaction, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total value of $8,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The disclosure for this sale can be found here. Insiders have sold a total of 106,989 shares of company stock worth $37,891,416 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

NYSE:ANET opened at $359.76 on Friday. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $376.50. The firm’s fifty day moving average is $341.07 and its 200-day moving average is $313.64. The firm has a market cap of $113.02 billion, a P/E ratio of 50.11, a P/E/G ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last released its 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. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the previous year, the business earned $1.41 earnings per share. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share 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.