Groesbeck Investment Management Corp NJ Has $1.17 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Groesbeck Investment Management Corp NJ lowered its stake in Arista Networks, Inc. (NYSE:ANET) by 7.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 3,036 shares of the technology company’s stock after selling 230 shares during the quarter. Arista Networks makes up approximately 1.6% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 20th largest holding. Groesbeck Investment Management Corp NJ’s holdings in Arista Networks were worth $1,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently made changes to their positions in the stock. First Affirmative Financial Network boosted its stake in shares of Arista Networks by 4.3% during the 3rd quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock worth $262,000 after acquiring an additional 28 shares in the last quarter. FCG Investment Co lifted its position in shares of Arista Networks by 2.3% during the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after purchasing an additional 29 shares during the last quarter. Everpar Advisors LLC lifted its position in shares of Arista Networks by 1.5% during the 3rd quarter. Everpar Advisors LLC now owns 1,907 shares of the technology company’s stock worth $732,000 after purchasing an additional 29 shares during the last quarter. Foundations Investment Advisors LLC lifted its position in shares of Arista Networks by 5.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 653 shares of the technology company’s stock worth $251,000 after purchasing an additional 31 shares during the last quarter. Finally, Old Port Advisors lifted its position in shares of Arista Networks by 3.5% during the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after purchasing an additional 32 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In other news, Director Kelly Bodnar Battles sold 373 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total value of $147,887.04. Following the transaction, the director now directly owns 2,192 shares in the company, valued at $869,084.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Kelly Bodnar Battles sold 373 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total transaction of $147,887.04. Following the sale, the director now owns 2,192 shares of the company’s stock, valued at approximately $869,084.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $342.28, for a total value of $684,560.00. Following the sale, the director now directly owns 50,946 shares in the company, valued at $17,437,796.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,570 shares of company stock worth $21,474,782 in the last three months. Insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research analyst reports. Evercore ISI boosted their price objective on Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. upped their price target on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Citigroup upped their price target on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Piper Sandler upped their price target on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Finally, KeyCorp upped their price target on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $369.50.

Arista Networks Stock Performance

ANET traded down $1.61 during mid-day trading on Friday, reaching $394.09. The stock had a trading volume of 1,168,549 shares, compared to its average volume of 2,220,388. The stock has a market capitalization of $123.49 billion, a P/E ratio of 54.88, a P/E/G ratio of 3.21 and a beta of 1.07. The firm’s fifty day simple moving average is $371.30 and its two-hundred day simple moving average is $334.19. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $422.73.

Arista Networks (NYSE:ANET) last announced 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. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period last year, the company earned $1.41 EPS. As a group, analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

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.