Groesbeck Investment Management Corp NJ Sells 230 Shares of Arista Networks, Inc. (NYSE:ANET)

Groesbeck Investment Management Corp NJ trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET) by 7.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,036 shares of the technology company’s stock after selling 230 shares during the period. Arista Networks accounts for 1.6% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 20th largest holding. Groesbeck Investment Management Corp NJ’s holdings in Arista Networks were worth $1,165,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Beacon Capital Management LLC raised its position 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 valued at $27,000 after buying an additional 65 shares in the last quarter. LGT Financial Advisors LLC purchased a new stake in shares of Arista Networks during the 2nd quarter valued at about $27,000. Byrne Asset Management LLC bought a new position in Arista Networks during the 2nd quarter valued at about $33,000. Sugarloaf Wealth Management LLC bought a new position in Arista Networks during the 2nd quarter valued at about $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Arista Networks during the 2nd quarter valued at about $35,000. 82.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. upped their target price 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 target price on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Rosenblatt Securities raised their price target on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Needham & Company LLC reissued a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research note on Wednesday, July 31st. Finally, UBS Group lifted their target price 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 analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $5,624,679.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was 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. Insiders have sold 58,570 shares of company stock worth $21,474,782 in the last three months. 3.54% of the stock is currently owned by insiders.

Arista Networks Stock Down 0.4 %

ANET stock traded down $1.61 during trading on Friday, reaching $394.09. 1,168,549 shares of the company’s stock were exchanged, compared to its average volume of 2,220,388. The company’s fifty day moving average price is $371.30 and its 200-day moving average price is $334.19. The firm has a market cap of $123.49 billion, a PE ratio of 54.88, a P/E/G ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $422.73.

Arista Networks (NYSE:ANET) last issued 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. The company had revenue of $1.69 billion for 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% on a year-over-year basis. During the same period last year, the firm earned $1.41 EPS. As a group, sell-side 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.