Beck Bode LLC Sells 15,663 Shares of Arista Networks, Inc. (NYSE:ANET)

Beck Bode LLC reduced its position in Arista Networks, Inc. (NYSE:ANET) by 26.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,160 shares of the technology company’s stock after selling 15,663 shares during the quarter. Arista Networks makes up approximately 3.0% of Beck Bode LLC’s portfolio, making the stock its 5th biggest position. Beck Bode LLC’s holdings in Arista Networks were worth $15,127,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Benjamin Edwards Inc. purchased a new position in Arista Networks in the first quarter valued at $26,000. Beacon Capital Management LLC raised its position in Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. LGT Financial Advisors LLC purchased a new position in shares of Arista Networks in the 2nd quarter valued at about $27,000. Financial Synergies Wealth Advisors Inc. grew its position in shares of Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after buying an additional 96 shares in the last quarter. Finally, Byrne Asset Management LLC purchased a new stake in shares of Arista Networks during the second quarter worth approximately $33,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 0.5 %

ANET stock opened at $360.97 on Wednesday. The company 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. The business has a 50 day simple moving average of $340.74 and a 200-day simple moving average of $315.02. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $376.50.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the business earned $1.41 EPS. Arista Networks’s quarterly revenue was up 15.9% compared to the same quarter last year. Research analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Barclays lifted their price target on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. UBS Group lifted their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. Bank of America boosted their target price on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Jefferies Financial Group raised their price target on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, Piper Sandler upped their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the business’s 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 transaction, the chief executive officer now owns 1,600,800 shares in the company, valued at approximately $555,477,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction on 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 sale, the director now owns 2,726 shares in the company, valued at approximately $883,278.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,800 shares in the company, valued at approximately $555,477,600. The disclosure for this sale can be found here. Over the last quarter, insiders sold 106,989 shares of company stock worth $37,891,416. Company insiders own 3.54% of the company’s stock.

About Arista Networks

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.