Bar Harbor Wealth Management Cuts Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Bar Harbor Wealth Management reduced its position in Arista Networks, Inc. (NYSE:ANET) by 3.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,765 shares of the technology company’s stock after selling 395 shares during the period. Bar Harbor Wealth Management’s holdings in Arista Networks were worth $4,516,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks in the first quarter worth approximately $26,000. Beacon Capital Management LLC grew its stake in shares of Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after acquiring an additional 65 shares during the period. LGT Financial Advisors LLC bought a new stake in shares of Arista Networks in the second quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. grew its stake in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the period. Finally, Byrne Asset Management LLC bought a new stake in shares of Arista Networks in the second quarter worth approximately $33,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,624,679.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP Marc Taxay sold 628 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,624,679.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,197 shares of company stock valued at $21,326,894 in the last three months. 3.54% of the stock is owned by insiders.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $407.31 on Friday. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $422.73. The firm’s 50-day moving average is $365.93 and its two-hundred day moving average is $330.60. The stock has a market cap of $127.64 billion, a price-to-earnings ratio of 56.73, a PEG ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. The business 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 company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.41 earnings per share. On average, equities analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ANET. Jefferies Financial Group boosted their target price on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Morgan Stanley boosted their target price on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Wells Fargo & Company boosted their target price on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, KeyCorp lifted their price target on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

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.