Quest Investment Management LLC sells 48,177 shares of Arista Networks, Inc. (NYSE:ANET)

Quest Investment Management LLC reduced its position in Arista Networks, Inc. (NYSE:ANET – Free Report) by 89.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,418 shares of the technology company’s stock after selling 48,177 shares during the quarter. Quest Investment Management LLC’s holdings in Arista Networks were worth $1,899,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have recently made changes to their positions in ANET. Benjamin Edwards Inc. bought a new stake in Arista Networks in the 1st quarter valued at $26,000. Beacon Capital Management LLC boosted its stake in Arista Networks by 500.0% in the second 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 period. LGT Financial Advisors LLC bought a new position in Arista Networks in the second quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares during the last quarter. Finally, Byrne Asset Management LLC bought a new stake in shares of Arista Networks in the second quarter valued at approximately $33,000. 82.47% of shares are owned by institutional investors and hedge funds.

Changes in Analyst Ratings

A number of brokerages have recently commented on ANET. 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 research note on Wednesday, July 31st. Morgan Stanley raised their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Evercore ISI reissued an “outperform” rating and issued a $400.00 target price on shares of Arista Networks in a research report on Friday, September 13th. Barclays lifted their price objective on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Rosenblatt Securities upped their target price on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Moderate Buy” and an average price target of $358.63, based on data from MarketBeat.

See our latest report on ANET

Insider trading at Arista Networks

In related news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed via this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The transaction was disclosed in a filing with the SEC, which is accessible via this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $352.93, for a total value of $705,860.00. Following the sale, the director now directly owns 52,946 shares in the company, valued at approximately $18,686,231.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 107,361 shares of company stock worth $38,024,123. 3.54% of shares are currently owned by company insiders.

Arista Networks stock has 1.4%

Shares of ANET stock opened at $384.46 on Friday. The company has a fifty day moving average of $341.55 and a 200 day moving average of $316.71. The company has a market cap of $120.48 billion, a P/E ratio of 53.55, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $385.50.

Arista Networks (NYSE:ANET – Get Free Report ) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the previous year, the company posted EPS of $1.41. The company’s revenue was up 15.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Arista Networks 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.

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