Arista Networks, Inc. Shares (NYSE:ANET) sold by MGO One Seven LLC

VaselineSeptember 12, 2024

0 4 minutes read

MGO One Seven LLC reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 4.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,065 shares of the technology company’s stock after selling 288 shares during the period. MGO One Seven LLC’s holdings in Arista Networks were worth $2,126,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ANET. Coldstream Capital Management Inc. raised its stake in Arista Networks by 14.6% in the 2nd quarter. Coldstream Capital Management Inc. now owns 3,856 shares of the technology company’s stock worth $1,351,000 after purchasing an additional 492 shares during the period. Gryphon Financial Partners LLC purchased a new stake in shares of Arista Networks in the second quarter valued at $224,000. Andra AP fonden boosted its stake in Arista Networks by 61.1% in the second quarter. Andra AP fonden now owns 78,800 shares of the technology company’s stock valued at $27,618,000 after acquiring an additional 29,900 shares during the last quarter. Royal London Asset Management Ltd. boosted its holdings in Arista Networks by 1.4% in the 2nd quarter. Royal London Asset Management Ltd. now owns 133,892 shares of the technology company’s stock valued at $46,926,000 after bought an additional 1,824 shares during the period. Finally, Dorsey & Whitney Trust CO LLC raised its position in Arista Networks by 3.2% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 1,765 shares of the technology company’s stock valued at $619,000 after buying an additional 55 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s shares.

Changes in Analyst Ratings

ANET has been the subject of a number of recent research reports. Needham & Company LLC restated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. Morgan Stanley boosted their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Jefferies Financial Group boosted their price target on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Piper Sandler raised their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of “Moderate Buy” and a consensus price target of $358.63, based on data from MarketBeat.

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Arista Networks Trading Up 4.9%

Shares of ANET stock opened at $342.65 on Thursday. The company’s 50-day simple moving average is $341.40, and its 200-day simple moving average is $312.45. The firm has a market cap of $107.37 billion, a PE ratio of 47.72, a price-to-earnings-growth ratio of 2.48 and a beta of 1.07. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50.

Arista Networks (NYSE:ANET – Get Your Free Report ) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the firm posted EPS of $1.41. Arista Networks’ revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities research analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider activity at Arista Networks

In other news, Director Daniel Scheinman sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $328.17, for a total value of $328,170.00. Following the transaction, the director now owns 37,732 shares of the company’s stock, valued at $12,382,510.44. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00. Following the sale, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at approximately $555,477,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, Director Daniel Scheinman sold 1,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $328.17, for a total value of $328,170.00. Following the transaction, the director now directly owns 37,732 shares of the company’s stock, valued at $12,382,510.44. The disclosure for this sale can be found here. Insiders sold 107,989 shares of company stock worth $38,219,586 in the last quarter. Company insiders own 3.54% of the company’s shares.

Arista Networks Company Profile

(Free Report)

Arista Networks, Inc is engaged 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, Middle East, Africa and Asia-Pacific. Its cloud networking solutions consist of the Extensible Operating System (EOS), a stateful publish-subscribe network operating system delivered in combination with a set of network applications.