Spectrum Wealth Counsel LLC Buys 1,284 Shares of Arista Networks, Inc. (NYSE:ANET)

Spectrum Wealth Counsel LLC lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 17.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,538 shares of the technology company’s stock after purchasing an additional 1,284 shares during the period. Spectrum Wealth Counsel LLC’s holdings in Arista Networks were worth $2,992,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. GQG Partners LLC bought a new stake in Arista Networks during the 1st quarter valued at approximately $881,848,000. Norges Bank purchased a new position in shares of Arista Networks in the 4th quarter valued at approximately $586,051,000. Swedbank AB purchased a new position in shares of Arista Networks in the 1st quarter valued at approximately $521,767,000. Vanguard Group Inc. boosted its position in shares of Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in Arista Networks by 145.5% in the fourth quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after purchasing an additional 471,099 shares during the period. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ANET. Citigroup boosted their target price on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Jefferies Financial Group upped their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. UBS Group lifted their target price on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Morgan Stanley upped their price target on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Stock Up 1.2 %

Shares of NYSE ANET opened at $359.76 on Friday. The firm’s 50-day moving average price is $341.07 and its 200-day moving average price is $313.64. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $376.50. The company has a market cap of $113.02 billion, a PE ratio of 50.11, a PEG ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.41 EPS. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the transaction, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks 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 transaction, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the sale, the director now owns 2,726 shares of the company’s stock, valued at approximately $883,278.52. The disclosure for this sale can be found here. Insiders sold 106,989 shares of company stock valued at $37,891,416 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Arista Networks Company 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.