Axxcess Wealth Management LLC Increases Position in Arista Networks, Inc. (NYSE:ANET)

Axxcess Wealth Management LLC raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 3.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,293 shares of the technology company’s stock after purchasing an additional 382 shares during the period. Axxcess Wealth Management LLC’s holdings in Arista Networks were worth $3,607,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after acquiring an additional 1,596,040 shares during the last quarter. Capital World Investors raised its position in Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after purchasing an additional 55,312 shares during the period. WCM Investment Management LLC grew its stake in shares of Arista Networks by 0.8% during the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after buying an additional 25,196 shares during the last quarter. GQG Partners LLC purchased a new position in shares of Arista Networks in the first quarter worth about $881,848,000. Finally, Swedbank AB bought a new stake in shares of Arista Networks in the 1st quarter valued at about $521,767,000. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on ANET. Barclays lifted their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Morgan Stanley upped their price target on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Needham & Company LLC restated a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a research report on Wednesday, July 31st. UBS Group boosted their price target on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Finally, Bank of America boosted their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus price target of $358.63.

Arista Networks Price Performance

NYSE:ANET opened at $360.97 on Wednesday. The firm has a market capitalization of $113.11 billion, a P/E ratio of 50.27, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The company’s 50-day simple moving average is $340.74 and its 200 day simple moving average is $315.02.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates 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 was up 15.9% on a year-over-year basis. During the same period last year, the business earned $1.41 earnings per share. On average, equities research analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 1,689 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $321.28, for a total value of $542,641.92. Following the sale, the senior vice president now directly owns 182,600 shares of the company’s stock, valued at $58,665,728. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, SVP Kenneth Duda sold 1,689 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $321.28, for a total transaction of $542,641.92. Following the sale, the senior vice president now owns 182,600 shares in the company, valued at $58,665,728. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 106,989 shares of company stock valued at $37,891,416. 3.54% of the stock is currently owned by corporate 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.