Sigma Investment Counselors Inc. Has $4.26 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

Sigma Investment Counselors Inc. increased its holdings in Arista Networks, Inc. (NYSE:ANET) by 2.4% in the third quarter, HoldingsChannel reports. The firm owned 11,085 shares of the technology company’s stock after purchasing an additional 265 shares during the period. Sigma Investment Counselors Inc.’s holdings in Arista Networks were worth $4,255,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ANET. Beacon Capital Management LLC boosted its stake in shares of Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after acquiring an additional 65 shares in the last quarter. LGT Financial Advisors LLC bought a new stake in Arista Networks during the second quarter worth approximately $27,000. Byrne Asset Management LLC acquired a new position in Arista Networks during the second quarter valued at approximately $33,000. Sugarloaf Wealth Management LLC bought a new position in shares of Arista Networks in the second quarter valued at approximately $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Arista Networks in the second quarter worth $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

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 transaction of $220,114.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider John F. Mccool sold 588 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $206,094.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Marc Taxay sold 628 shares of Arista Networks 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 58,570 shares of company stock worth $21,474,782. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

ANET has been the topic of a number of research analyst reports. Wells Fargo & Company raised their target price on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. KeyCorp lifted their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Needham & Company LLC restated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. 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 report on Monday, July 15th. Finally, Citigroup increased their price objective on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. One investment 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 stock has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

Arista Networks Stock Down 0.4 %

NYSE:ANET opened at $394.04 on Friday. The firm has a market capitalization of $123.48 billion, a PE ratio of 54.88, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $422.73. The firm has a 50-day moving average price of $371.30 and a 200 day moving average price of $334.19.

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