Tevis Investment Management Sells 83 Shares of Arista Networks, Inc. (NYSE:ANET)

Tevis Investment Management trimmed its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 6.9% during the third quarter, HoldingsChannel reports. The fund owned 1,122 shares of the technology company’s stock after selling 83 shares during the period. Tevis Investment Management’s holdings in Arista Networks were worth $431,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GQG Partners LLC bought a new stake in shares of Arista Networks in the first quarter valued at about $881,848,000. Swedbank AB acquired a new stake in Arista Networks in the 1st quarter valued at approximately $521,767,000. Ameriprise Financial Inc. lifted its stake in Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after acquiring an additional 884,703 shares in the last quarter. International Assets Investment Management LLC boosted its position in Arista Networks by 39,841.1% during the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock worth $3,358,850,000 after acquiring an additional 872,919 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its position in Arista Networks by 4,160.9% in the second quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock valued at $180,743,000 after purchasing an additional 503,597 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Down 1.4 %

Shares of NYSE:ANET opened at $395.98 on Thursday. The stock has a market cap of $124.09 billion, a PE ratio of 55.15, a P/E/G ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a 12-month low of $187.68 and a 12-month high of $422.73. The business has a 50 day moving average of $374.66 and a 200-day moving average of $337.48.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the firm posted $1.41 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. Equities research analysts expect 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 832 shares of Arista Networks stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at $5,624,679.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Marc Taxay sold 4,497 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $336.32, for a total transaction of $1,512,431.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were 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 of the company’s stock, valued at approximately $5,624,679.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,354 shares of company stock valued at $20,364,014. 3.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ANET. Barclays raised their price objective on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. UBS Group boosted their price target on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. Jefferies Financial Group raised their target price on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Citigroup boosted their target price on shares of Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, Rosenblatt Securities increased their price target on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $373.88.

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.