SWS Partners Sells 564 Shares of Arista Networks, Inc. (NYSE:ANET)

SWS Partners reduced its holdings in Arista Networks, Inc. (NYSE:ANET) by 10.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,074 shares of the technology company’s stock after selling 564 shares during the quarter. SWS Partners’ holdings in Arista Networks were worth $1,948,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Benjamin Edwards Inc. purchased a new position in Arista Networks in the 1st quarter worth approximately $26,000. Beacon Capital Management LLC raised its position in Arista Networks by 500.0% during the second 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 bought a new stake in Arista Networks during the second quarter worth about $27,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after purchasing an additional 96 shares in the last quarter. Finally, Byrne Asset Management LLC bought a new position in shares of Arista Networks during the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of recent research reports. Morgan Stanley increased their price target 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. Barclays upped their price target on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Citigroup boosted their target price on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Jefferies Financial Group increased their target price on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Piper Sandler lifted their price target on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $369.50.

Insider Activity

In related news, SVP Marc Taxay sold 628 shares of the stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $394.69, for a total value of $7,893,800.00. Following the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 58,197 shares of company stock worth $21,326,894. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

ANET traded down $18.89 on Tuesday, hitting $394.58. The company had a trading volume of 2,989,700 shares, compared to its average volume of 2,244,328. The stock has a fifty day simple moving average of $361.31 and a 200-day simple moving average of $328.80. The firm has a market capitalization of $123.65 billion, a P/E ratio of 53.76, a P/E/G ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $422.73.

Arista Networks (NYSE:ANET) last released its earnings results 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 company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.41 EPS. Equities research analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

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.