Patton Fund Management Inc. Cuts Holdings in Arista Networks, Inc. (NYSE:ANET)

Patton Fund Management Inc. decreased its position in Arista Networks, Inc. (NYSE:ANET) by 5.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 17,438 shares of the technology company’s stock after selling 1,015 shares during the period. Arista Networks accounts for 1.4% of Patton Fund Management Inc.’s holdings, making the stock its 13th biggest position. Patton Fund Management Inc.’s holdings in Arista Networks were worth $6,693,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the company. nVerses Capital LLC increased its position in shares of Arista Networks by 10.5% during the 3rd quarter. nVerses Capital LLC now owns 2,100 shares of the technology company’s stock valued at $806,000 after purchasing an additional 200 shares during the last quarter. Mezzasalma Advisors LLC increased its holdings in Arista Networks by 1.4% during the third quarter. Mezzasalma Advisors LLC now owns 24,710 shares of the technology company’s stock worth $9,484,000 after buying an additional 350 shares during the last quarter. Kowal Investment Group LLC increased its holdings in Arista Networks by 35.8% during the third quarter. Kowal Investment Group LLC now owns 1,865 shares of the technology company’s stock worth $716,000 after buying an additional 492 shares during the last quarter. Cornerstone Wealth Management LLC bought a new stake in Arista Networks in the third quarter worth about $207,000. Finally, Rheos Capital Works Inc. boosted its stake in Arista Networks by 34.1% in the third quarter. Rheos Capital Works Inc. now owns 27,500 shares of the technology company’s stock valued at $10,555,000 after acquiring an additional 7,000 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on ANET shares. Piper Sandler upped their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Morgan Stanley upped their price target on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Wells Fargo & Company lifted their price objective on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. KeyCorp upped their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $369.50.

Arista Networks Trading Up 1.5 %

Shares of ANET traded up $6.20 during trading hours on Thursday, reaching $412.28. 567,830 shares of the company’s stock traded hands, compared to its average volume of 2,238,513. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $422.73. The stock has a market cap of $129.19 billion, a PE ratio of 57.36, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. The firm’s 50 day simple moving average is $364.47 and its 200-day simple moving average is $330.06.

Arista Networks (NYSE:ANET) last announced 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. The business 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%. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.41 earnings per share. As a group, analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Marc Taxay sold 628 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,197 shares of company stock worth $21,326,894. Corporate insiders own 3.54% of the company’s stock.

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.