Wedge Capital Management L L P NC Cuts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Wedge Capital Management L L P NC trimmed its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 17.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 173,180 shares of the technology company’s stock after selling 37,553 shares during the quarter. Arista Networks accounts for 1.1% of Wedge Capital Management L L P NC’s holdings, making the stock its 2nd biggest position. Wedge Capital Management L L P NC’s holdings in Arista Networks were worth $66,470,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ANET. ORG Partners LLC raised its stake in shares of Arista Networks by 186.0% in the 3rd quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock valued at $55,000 after purchasing an additional 93 shares during the period. Empirical Asset Management LLC raised its position in Arista Networks by 32.5% in the 3rd quarter. Empirical Asset Management LLC now owns 9,468 shares of the technology company’s stock valued at $3,634,000 after buying an additional 2,321 shares during the last quarter. Sunflower Bank N.A. lifted its stake in Arista Networks by 15.6% in the 3rd quarter. Sunflower Bank N.A. now owns 777 shares of the technology company’s stock valued at $298,000 after acquiring an additional 105 shares in the last quarter. Sawyer & Company Inc boosted its position in Arista Networks by 0.8% during the 3rd quarter. Sawyer & Company Inc now owns 10,741 shares of the technology company’s stock worth $4,123,000 after acquiring an additional 81 shares during the last quarter. Finally, McGlone Suttner Wealth Management Inc. bought a new position in shares of Arista Networks during the 3rd quarter worth approximately $207,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, 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 sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $5,624,679.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Jayshree Ullal sold 832 shares of the business’s 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 in the company, valued at approximately $5,624,679.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 628 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The disclosure for this sale can be found here. Insiders have sold a total of 58,197 shares of company stock worth $21,326,894 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

ANET traded up $0.21 on Monday, reaching $417.14. The company had a trading volume of 395,486 shares, compared to its average volume of 2,236,259. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $422.73. The company’s fifty day moving average is $359.35 and its 200 day moving average is $327.93. The stock has a market cap of $130.72 billion, a P/E ratio of 58.54, a P/E/G 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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $1.66 billion. During the same period in the previous year, the company posted $1.41 EPS. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. On average, sell-side analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ANET shares. KeyCorp boosted their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. JPMorgan Chase & Co. increased their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Wells Fargo & Company raised their price objective on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Evercore ISI increased their price target on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, UBS Group raised their price target on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $369.50.

Arista Networks 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.