Blodgett Wealth Advisors LLC Cuts Holdings in Arista Networks, Inc. (NYSE:ANET)

Blodgett Wealth Advisors LLC reduced its position in shares of Arista Networks, Inc. (NYSE:ANET) by 27.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 800 shares of the technology company’s stock after selling 300 shares during the period. Blodgett Wealth Advisors LLC’s holdings in Arista Networks were worth $307,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent analyst reports. UBS Group raised their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Morgan Stanley lifted their target price on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Rosenblatt Securities increased 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. Jefferies Financial Group upped their price objective on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Citigroup upped their target price on Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. One equities 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $369.50.

Arista Networks Stock Down 2.3 %

NYSE:ANET traded down $9.45 during trading hours on Tuesday, reaching $396.56. The company had a trading volume of 2,357,531 shares, compared to its average volume of 2,234,142. The firm has a market capitalization of $124.27 billion, a PE ratio of 56.55, a PEG ratio of 3.21 and a beta of 1.07. The stock has a 50-day moving average of $368.60 and a two-hundred day moving average of $332.64. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $422.73.

Arista Networks (NYSE:ANET) last announced 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. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. Arista Networks’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.41 earnings per share. As a group, sell-side analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 628 shares of the business’s 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 SEC, which is available through the SEC website. In related news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on 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 directly 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Marc Taxay sold 628 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 value 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 valued at $21,326,894 over the last three months. 3.54% of the stock is currently owned by corporate insiders.

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.