WT Asset Management Ltd Sells 19,700 Shares of Arista Networks, Inc. (NYSE:ANET)

WT Asset Management Ltd trimmed its position in Arista Networks, Inc. (NYSE:ANET) by 16.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 96,700 shares of the technology company’s stock after selling 19,700 shares during the period. Arista Networks comprises about 7.3% of WT Asset Management Ltd’s portfolio, making the stock its 7th largest holding. WT Asset Management Ltd’s holdings in Arista Networks were worth $37,115,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. GQG Partners LLC purchased a new position in Arista Networks during the first quarter worth about $881,848,000. Legal & General Group Plc lifted its holdings in shares of Arista Networks by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after acquiring an additional 20,278 shares during the last quarter. Swedbank AB acquired a new stake in Arista Networks in the 1st quarter valued at approximately $521,767,000. Ameriprise Financial Inc. raised its position in Arista Networks by 97.2% in the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after purchasing an additional 884,703 shares during the period. Finally, TD Asset Management Inc lifted its stake in Arista Networks by 18.7% during the first quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock worth $273,652,000 after purchasing an additional 148,759 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Up 2.2 %

NYSE ANET traded up $8.49 during trading hours on Friday, hitting $394.93. 381,077 shares of the stock were exchanged, compared to its average volume of 2,196,208. Arista Networks, Inc. has a 12-month low of $203.19 and a 12-month high of $422.73. The stock has a 50-day moving average of $375.35 and a 200 day moving average of $337.82. The company has a market cap of $124.07 billion, a price-to-earnings ratio of 50.12, a price-to-earnings-growth ratio of 3.49 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share 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 the consensus estimate of $1.66 billion. During the same period in the previous year, the business earned $1.41 earnings per share. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, equities research analysts expect that Arista Networks, Inc. will post 7.42 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the transaction, the director now owns 2,726 shares in the company, valued at $883,278.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the sale, the director now owns 2,726 shares in the company, valued at $883,278.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 17,752 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $354.29, for a total value of $6,289,356.08. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $6,264,201.49. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,522 shares of company stock worth $20,099,338. Corporate insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price target on shares of Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. UBS Group boosted their target price on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Jefferies Financial Group increased their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Evercore ISI boosted their target price on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, KeyCorp lifted their price target on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $373.88.

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.