Axxcess Wealth Management LLC Has $3.61 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Axxcess Wealth Management LLC increased its holdings in Arista Networks, Inc. (NYSE:ANET) by 3.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,293 shares of the technology company’s stock after purchasing an additional 382 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Arista Networks were worth $3,607,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ANET. Peregrine Asset Advisers Inc. grew its position in shares of Arista Networks by 41.4% in the 2nd quarter. Peregrine Asset Advisers Inc. now owns 1,555 shares of the technology company’s stock valued at $545,000 after buying an additional 455 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Arista Networks by 99.9% in the second quarter. Renaissance Technologies LLC now owns 268,889 shares of the technology company’s stock valued at $94,240,000 after acquiring an additional 134,389 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new stake in Arista Networks during the 2nd quarter valued at approximately $612,000. Quantbot Technologies LP increased its position in Arista Networks by 100.5% during the 2nd quarter. Quantbot Technologies LP now owns 19,369 shares of the technology company’s stock valued at $6,788,000 after purchasing an additional 9,711 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Arista Networks by 5.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 596,220 shares of the technology company’s stock worth $208,962,000 after purchasing an additional 32,480 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $352.93, for a total transaction of $705,860.00. Following the transaction, the director now directly owns 52,946 shares in the company, valued at approximately $18,686,231.78. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the completion of the transaction, the chief executive officer now owns 1,600,800 shares in the company, valued at approximately $555,477,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $352.93, for a total value of $705,860.00. Following the completion of the sale, the director now owns 52,946 shares in the company, valued at $18,686,231.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 106,989 shares of company stock worth $37,891,416. 3.54% of the stock is owned by corporate insiders.

Arista Networks Price Performance

Shares of NYSE ANET opened at $360.97 on Wednesday. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $376.50. The stock has a market capitalization of $113.11 billion, a P/E ratio of 50.27, a P/E/G ratio of 2.70 and a beta of 1.07. The company has a 50-day moving average price of $340.74 and a 200-day moving average price of $315.02.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 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 firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the company posted $1.41 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on ANET. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Needham & Company LLC reiterated a “buy” rating and set a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Barclays upped their target price on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group lifted their target price on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

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.