Traynor Capital Management Inc. Lowers Stock Holdings in Arista Networks, Inc. $ANET

Traynor Capital Management Inc. reduced its holdings in Arista Networks, Inc. (NYSE:ANET) by 56.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,957 shares of the technology company’s stock after selling 5,124 shares during the period. Traynor Capital Management Inc.’s holdings in Arista Networks were worth $518,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in ANET. Bare Financial Services Inc lifted its position in shares of Arista Networks by 2,118.2% during the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after buying an additional 233 shares in the last quarter. Board of the Pension Protection Fund purchased a new stake in Arista Networks in the 4th quarter worth $26,000. AdvisorNet Financial Inc increased its holdings in Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after acquiring an additional 72 shares in the last quarter. Knuff & Co LLC acquired a new position in Arista Networks during the third quarter worth $29,000. Finally, Richardson Financial Services Inc. raised its position in Arista Networks by 141.3% during the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after acquiring an additional 130 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Arista Networks

In related news, insider Kenneth Duda sold 32,000 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $134.14, for a total value of $4,292,480.00. Following the completion of the sale, the insider owned 12,976 shares of the company’s stock, valued at approximately $1,740,600.64. This trade represents a 71.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Yvonne Wassenaar sold 1,815 shares of Arista Networks stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total value of $240,378.60. Following the transaction, the director owned 12,574 shares in the company, valued at approximately $1,665,300.56. The trade was a 12.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 199,632 shares of company stock worth $26,936,324 in the last ninety days. Insiders own 3.39% of the company’s stock.

Arista Networks Stock Down 9.2%

Shares of NYSE ANET opened at $122.59 on Friday. The firm has a 50-day simple moving average of $135.67 and a 200-day simple moving average of $137.03. The stock has a market capitalization of $154.03 billion, a price-to-earnings ratio of 44.42, a price-to-earnings-growth ratio of 2.39 and a beta of 1.46. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the previous year, the business posted $0.66 earnings per share. Arista Networks’s quarterly revenue was up 28.9% on a year-over-year basis. As a group, equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ANET. Morgan Stanley reiterated an “overweight” rating and issued a $165.00 target price on shares of Arista Networks in a research report on Friday, February 13th. KeyCorp reaffirmed an “overweight” rating and issued a $178.00 price target (up from $170.00) on shares of Arista Networks in a research note on Friday, February 13th. Piper Sandler reiterated an “overweight” rating and issued a $175.00 price objective (up from $159.00) on shares of Arista Networks in a report on Friday, February 13th. The Goldman Sachs Group reiterated a “buy” rating and set a $188.00 price objective (up from $165.00) on shares of Arista Networks in a research note on Friday, February 13th. Finally, TD Cowen initiated coverage on Arista Networks in a report on Thursday, March 12th. They set a “buy” rating and a $170.00 target price for the company. Eighteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $176.47.

Arista Networks Company Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.