Guinness Asset Management LTD Has $616,000 Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Guinness Asset Management LTD decreased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 16.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,605 shares of the technology company’s stock after selling 313 shares during the quarter. Guinness Asset Management LTD’s holdings in Arista Networks were worth $616,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. First Affirmative Financial Network raised its stake in Arista Networks by 4.3% during the 3rd quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock worth $262,000 after buying an additional 28 shares during the period. Valeo Financial Advisors LLC raised its stake in Arista Networks by 9.4% during the 3rd quarter. Valeo Financial Advisors LLC now owns 2,041 shares of the technology company’s stock worth $783,000 after buying an additional 175 shares during the period. Peak Financial Advisors LLC acquired a new stake in Arista Networks during the 3rd quarter worth $3,290,000. Livforsakringsbolaget Skandia Omsesidigt raised its stake in Arista Networks by 31.0% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 31,780 shares of the technology company’s stock worth $12,190,000 after buying an additional 7,514 shares during the period. Finally, Fermata Advisors LLC raised its stake in Arista Networks by 11.7% during the 3rd quarter. Fermata Advisors LLC now owns 1,070 shares of the technology company’s stock worth $411,000 after buying an additional 112 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on ANET shares. Barclays raised their price objective on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Jefferies Financial Group increased their target price on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Citigroup increased their target price on Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a report on Tuesday. Wells Fargo & Company increased their target price on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. increased their target price on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $369.50.

Arista Networks Stock Performance

Arista Networks stock traded up $7.17 during midday trading on Friday, reaching $416.93. 1,684,313 shares of the company’s stock were exchanged, compared to its average volume of 2,245,600. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $417.71. The firm has a market cap of $130.98 billion, a price-to-earnings ratio of 54.08, a P/E/G ratio of 3.21 and a beta of 1.07. The stock’s 50-day simple moving average is $359.35 and its 200 day simple moving average is $327.45.

Arista Networks (NYSE:ANET) last posted its quarterly 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. 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 analysts’ expectations of $1.66 billion. During the same quarter last year, the company posted $1.41 earnings per share. Arista Networks’s quarterly revenue was up 15.9% on a year-over-year basis. Research analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insiders Place Their Bets

In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the sale, the director now directly owns 2,726 shares in the company, valued at $883,278.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction that occurred on Tuesday, August 6th. The shares were 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 directly owns 2,726 shares in the company, valued at approximately $883,278.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marc Taxay sold 628 shares of Arista Networks 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 sold 58,197 shares of company stock worth $21,326,894 over the last three months. Insiders own 3.54% of the company’s stock.

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.