Hartford Investment Management Co. Sells 43 Shares of Arista Networks, Inc. (NYSE:ANET)

Hartford Investment Management Co. trimmed its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 0.3% during the third quarter, HoldingsChannel.com reports. The firm owned 16,228 shares of the technology company’s stock after selling 43 shares during the quarter. Hartford Investment Management Co.’s holdings in Arista Networks were worth $6,229,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. NBC Securities Inc. increased its holdings in shares of Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock valued at $62,000 after acquiring an additional 38 shares in the last quarter. Gateway Investment Advisers LLC purchased a new stake in shares of Arista Networks during the first quarter valued at approximately $520,000. Annex Advisory Services LLC bought a new stake in shares of Arista Networks during the first quarter valued at approximately $232,000. Riverview Trust Co purchased a new position in Arista Networks in the 1st quarter worth approximately $40,000. Finally, Dynamic Advisor Solutions LLC bought a new position in Arista Networks in the 1st quarter valued at approximately $1,430,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Up 0.5 %

NYSE:ANET traded up $2.17 during midday trading on Wednesday, hitting $398.73. The stock had a trading volume of 158,765 shares, compared to its average volume of 2,225,795. The stock has a 50-day moving average of $369.61 and a 200 day moving average of $333.34. The company has a market capitalization of $124.95 billion, a price-to-earnings ratio of 55.24, a PEG ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $422.73.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping 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 return on equity of 30.50% and a net margin of 39.01%. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.41 EPS. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Barclays lifted their target price on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Evercore ISI raised their target price on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Jefferies Financial Group lifted their target price on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group lifted their target price on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Finally, UBS Group boosted their price target on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $369.50.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $342.28, for a total value of $684,560.00. Following the completion of the transaction, the director now directly owns 50,946 shares in the company, valued at $17,437,796.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $342.28, for a total transaction of $684,560.00. Following the transaction, the director now owns 50,946 shares in the company, valued at $17,437,796.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated 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 completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,197 shares of company stock worth $21,326,894. 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.