Van Hulzen Asset Management LLC Reduces Stock Position in Arista Networks, Inc. (NYSE:ANET)

Van Hulzen Asset Management LLC lessened its holdings in Arista Networks, Inc. (NYSE:ANET) by 39.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,860 shares of the technology company’s stock after selling 5,693 shares during the period. Van Hulzen Asset Management LLC’s holdings in Arista Networks were worth $3,105,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Andra AP fonden raised its position in shares of Arista Networks by 61.1% in the second quarter. Andra AP fonden now owns 78,800 shares of the technology company’s stock worth $27,618,000 after buying an additional 29,900 shares in the last quarter. Royal London Asset Management Ltd. raised its position in Arista Networks by 1.4% during the second quarter. Royal London Asset Management Ltd. now owns 133,892 shares of the technology company’s stock valued at $46,926,000 after purchasing an additional 1,824 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its position in Arista Networks by 3.2% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 1,765 shares of the technology company’s stock valued at $619,000 after purchasing an additional 55 shares in the last quarter. LGT Fund Management Co Ltd. raised its position in Arista Networks by 190.4% during the second quarter. LGT Fund Management Co Ltd. now owns 7,903 shares of the technology company’s stock valued at $2,770,000 after purchasing an additional 5,182 shares in the last quarter. Finally, LGT Group Foundation raised its position in Arista Networks by 2.4% during the second quarter. LGT Group Foundation now owns 75,089 shares of the technology company’s stock valued at $26,317,000 after purchasing an additional 1,766 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $352.93, for a total transaction of $705,860.00. Following the transaction, the director now owns 52,946 shares of the company’s stock, valued at $18,686,231.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 126,300 shares of company stock worth $44,194,544. Insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ANET. Morgan Stanley raised 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. Rosenblatt Securities raised their price target on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Jefferies Financial Group raised their price objective on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Piper Sandler raised 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. Finally, Wells Fargo & Company raised their price objective on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Price Performance

Shares of ANET opened at $324.91 on Tuesday. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The company has a 50-day simple moving average of $342.45 and a two-hundred day simple moving average of $311.82. The firm has a market capitalization of $102.07 billion, a PE ratio of 45.25, a price-to-earnings-growth ratio of 2.48 and a beta of 1.07.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $1.66 billion. During the same period last year, the business posted $1.41 earnings per share. Arista Networks’s quarterly revenue was up 15.9% compared to the same quarter last year. Analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current fiscal 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.