Mitchell Sinkler & Starr PA Increases Holdings in Arista Networks, Inc. (NYSE:ANET)

Mitchell Sinkler & Starr PA lifted its holdings in Arista Networks, Inc. (NYSE:ANET) by 49.0% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,235 shares of the technology company’s stock after purchasing an additional 735 shares during the period. Mitchell Sinkler & Starr PA’s holdings in Arista Networks were worth $743,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. FCG Investment Co grew its position in shares of Arista Networks by 2.3% during the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after purchasing an additional 29 shares in the last quarter. Old Port Advisors increased its stake in Arista Networks by 3.5% during the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after acquiring an additional 32 shares during the last quarter. Fortitude Family Office LLC raised its holdings in Arista Networks by 33.3% during the 2nd quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock valued at $46,000 after buying an additional 33 shares during the period. Resonant Capital Advisors LLC lifted its holdings in shares of Arista Networks by 4.1% in the 2nd quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock worth $305,000 after acquiring an additional 34 shares during the last quarter. Finally, Modera Wealth Management LLC boosted its position in shares of Arista Networks by 2.1% during the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock valued at $625,000 after buying an additional 37 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Up 0.7 %

ANET stock opened at $326.90 on Wednesday. The business’s 50-day moving average is $341.85 and its 200 day moving average is $312.24. The stock has a market cap of $102.70 billion, a price-to-earnings ratio of 45.53, a PEG ratio of 2.48 and a beta of 1.07. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (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 business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the business earned $1.41 earnings per share. The business’s revenue was up 15.9% compared to the same quarter last year. As a group, equities analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on ANET. Morgan Stanley upped their target price on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Rosenblatt Securities boosted their price objective on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Evercore ISI boosted their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Finally, UBS Group increased 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. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Insider Buying and Selling at Arista Networks

In related news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,202,550.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00. Following the sale, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at approximately $555,477,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s 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 sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. Insiders have sold 127,989 shares of company stock worth $44,737,186 in the last ninety days. 3.54% of the stock is owned by insiders.

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.