Central Asset Investments & Management Holdings HK Ltd Sells 600 Shares of Arista Networks, Inc. (NYSE:ANET)

Central Asset Investments & Management Holdings HK Ltd lessened its holdings in Arista Networks, Inc. (NYSE:ANET) by 28.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,540 shares of the technology company’s stock after selling 600 shares during the quarter. Central Asset Investments & Management Holdings HK Ltd’s holdings in Arista Networks were worth $540,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Benjamin Edwards Inc. acquired a new position in shares of Arista Networks during the first quarter worth $26,000. Beacon Capital Management LLC increased its holdings in Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after purchasing an additional 65 shares in the last quarter. LGT Financial Advisors LLC bought a new position in Arista Networks in the second quarter valued at about $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 position in shares of Arista Networks in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. 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 note on Thursday, June 20th. Piper Sandler increased 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. Rosenblatt Securities lifted their target price on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a report on Wednesday, July 31st. Finally, KeyCorp increased their price target on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Stock Up 0.5 %

Shares of ANET stock opened at $360.97 on Wednesday. The firm has a 50 day moving average of $340.74 and a 200-day moving average of $315.02. The company has a market cap of $113.11 billion, a price-to-earnings ratio of 50.27, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $376.50.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the company posted $1.41 earnings per share. The business’s quarterly revenue was up 15.9% on a year-over-year basis. Analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the 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 owns 1,600,800 shares in the company, valued at $555,477,600. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the transaction, the chief executive officer now owns 1,600,800 shares in the company, valued at $555,477,600. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The disclosure for this sale can be found here. Insiders sold a total of 106,989 shares of company stock worth $37,891,416 in the last three months. Company insiders own 3.54% of the company’s stock.

About Arista Networks

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.