Probity Advisors Inc. Sells 140 Shares of Arista Networks, Inc. (NYSE:ANET)

Probity Advisors Inc. lessened its stake in Arista Networks, Inc. (NYSE:ANET) by 2.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,957 shares of the technology company’s stock after selling 140 shares during the quarter. Probity Advisors Inc.’s holdings in Arista Networks were worth $2,670,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of ANET. Benjamin Edwards Inc. purchased a new stake in Arista Networks in the 1st quarter valued at about $26,000. Beacon Capital Management LLC increased its position in shares of Arista Networks by 500.0% during the second 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 Arista Networks during the second quarter worth $27,000. Financial Synergies Wealth Advisors Inc. boosted its position in Arista Networks by 872.7% in 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 bought a new position in Arista Networks in the 2nd quarter valued at $33,000. Institutional investors own 82.47% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ANET shares. UBS Group boosted their price target on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Morgan Stanley increased their target price on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Jefferies Financial Group lifted their price target on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Needham & Company LLC reissued a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a report on Wednesday, July 31st. Finally, Bank of America raised their target price on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $369.50.

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arista Networks news, SVP Marc Taxay sold 628 shares of the firm’s 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total value of $7,893,800.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,197 shares of company stock valued at $21,326,894. Company insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 2.1 %

Shares of Arista Networks stock opened at $414.50 on Thursday. The company’s 50-day moving average price is $364.47 and its 200-day moving average price is $330.06. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $422.73. The company has a market cap of $129.89 billion, a price-to-earnings ratio of 56.59, a PEG ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.41 EPS. On average, sell-side analysts predict that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Arista Networks 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.