Baltimore Washington Financial Advisors Inc. Sells 73 Shares of Arista Networks, Inc. (NYSE:ANET)

Baltimore Washington Financial Advisors Inc. lessened its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 0.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,694 shares of the technology company’s stock after selling 73 shares during the quarter. Baltimore Washington Financial Advisors Inc.’s holdings in Arista Networks were worth $7,135,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. CIBC World Markets Inc. bought a new stake in shares of Arista Networks during the 2nd quarter valued at about $284,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Arista Networks during the 2nd quarter valued at about $7,458,000. Korea Investment CORP bought a new stake in shares of Arista Networks during the 2nd quarter valued at about $217,000. Great West Life Assurance Co. Can boosted its position in shares of Arista Networks by 1.1% during the 2nd quarter. Great West Life Assurance Co. Can now owns 47,728 shares of the technology company’s stock valued at $17,280,000 after acquiring an additional 535 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its position in shares of Arista Networks by 33.6% during the 2nd quarter. Baird Financial Group Inc. now owns 9,761 shares of the technology company’s stock valued at $3,537,000 after acquiring an additional 2,454 shares during the last quarter. Hedge funds and other institutional investors own 61.51% of the company’s stock.

In related news, CEO Jayshree Ullal sold 2,375 shares of Arista Networks stock in a transaction dated Thursday, July 1st. The shares were sold at an average price of $364.08, for a total transaction of $864,690.00. Following the completion of the transaction, the chief executive officer now directly owns 991 shares of the company’s stock, valued at approximately $360,803.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Andreas Bechtolsheim sold 25,000 shares of Arista Networks stock in a transaction dated Tuesday, August 24th. The shares were sold at an average price of $374.35, for a total transaction of $9,358,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 222,880 shares of company stock worth $82,218,335 in the last ninety days. Insiders own 22.01% of the company’s stock.

A number of analysts recently weighed in on ANET shares. MKM Partners boosted their target price on Arista Networks from $363.00 to $422.00 and gave the stock a “buy” rating in a research report on Tuesday, August 3rd. JMP Securities boosted their target price on Arista Networks from $340.00 to $415.00 and gave the stock a “market outperform” rating in a research report on Tuesday, July 27th. Cowen boosted their target price on Arista Networks from $385.00 to $433.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 3rd. Wells Fargo & Company boosted their target price on Arista Networks from $340.00 to $375.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 3rd. Finally, Evercore ISI restated a “buy” rating on shares of Arista Networks in a research report on Sunday, August 8th. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks presently has an average rating of “Buy” and an average price target of $381.33.

Shares of ANET opened at $360.15 on Monday. The firm’s 50-day moving average price is $367.32 and its 200-day moving average price is $344.08. The firm has a market capitalization of $27.63 billion, a price-to-earnings ratio of 39.27, a PEG ratio of 3.02 and a beta of 1.15. Arista Networks, Inc. has a 1-year low of $197.14 and a 1-year high of $384.00.

Arista Networks (NYSE:ANET) last announced its earnings results on Sunday, August 1st. The technology company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.54 by $0.18. The firm had revenue of $707.30 million for the quarter, compared to analyst estimates of $688.89 million. Arista Networks had a net margin of 27.72% and a return on equity of 20.92%. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.11 EPS. As a group, sell-side analysts expect that Arista Networks, Inc. will post 9.04 earnings per share for the current fiscal year.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of cloud networking solutions. Its cloud networking solutions consist of Extensible Operating System(EOS) a set of network applications and Ethernet switching, and routing platforms. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in October 2004 and is headquartered in Santa Clara, CA.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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