Kornitzer Capital Management Inc. KS lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 37.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,888 shares of the technology company’s stock after selling 9,564 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Arista Networks were worth $5,568,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Benjamin Edwards Inc. acquired a new position in shares of Arista Networks during the first quarter valued at $26,000. Beacon Capital Management LLC lifted its position in Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares during the last quarter. Financial Synergies Wealth Advisors Inc. boosted its stake in Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares during the period. Byrne Asset Management LLC bought a new position in Arista Networks in the 2nd quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new stake in shares of Arista Networks in the second quarter valued at approximately $35,000. 82.47% of the stock is currently owned by institutional investors.
Arista Networks Stock Up 0.7 %
ANET opened at $328.37 on Friday. The firm has a market capitalization of $102.90 billion, a P/E ratio of 45.73, a PEG ratio of 2.78 and a beta of 1.11. The stock has a fifty day moving average of $343.81 and a 200-day moving average of $310.31. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50.
Analyst Ratings Changes
Several brokerages have recently issued reports on ANET. UBS Group boosted their price objective on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday. Wells Fargo & Company increased their price target on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. KeyCorp lifted their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Citigroup increased their target price on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Finally, Rosenblatt Securities increased their price target on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Arista Networks has an average rating of “Moderate Buy” and a consensus price target of $358.63.
Read Our Latest Stock Analysis on ANET
Insider Transactions at Arista Networks
In related news, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $325.88, for a total value of $6,517,600.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $1,057,154.72. The disclosure for this sale can be found here. Insiders sold 126,300 shares of company stock valued at $44,194,544 over the last three months. 3.54% of the stock is 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.
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