Deane Retirement Strategies Inc. Sells 8,915 Shares of Arista Networks, Inc. (NYSE:ANET)

Deane Retirement Strategies Inc. cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 56.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,830 shares of the technology company’s stock after selling 8,915 shares during the quarter. Deane Retirement Strategies Inc.’s holdings in Arista Networks were worth $1,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of ANET. Larson Financial Group LLC bought a new stake in Arista Networks during the 3rd quarter valued at approximately $28,000. First Command Advisory Services Inc. bought a new stake in Arista Networks during the 3rd quarter valued at approximately $29,000. Hollencrest Capital Management bought a new stake in Arista Networks during the 1st quarter valued at approximately $30,000. BluePath Capital Management LLC bought a new stake in Arista Networks during the 3rd quarter valued at approximately $33,000. Finally, NBC Securities Inc. bought a new stake in Arista Networks during the 3rd quarter valued at approximately $33,000. 82.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Evercore ISI restated an “outperform” rating and issued a $300.00 price objective on shares of Arista Networks in a report on Wednesday. Melius Research raised shares of Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research report on Monday, January 8th. Piper Sandler boosted their price objective on shares of Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a research report on Tuesday, February 13th. The Goldman Sachs Group upped their target price on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Citigroup boosted their price target on shares of Arista Networks from $220.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, December 14th. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $275.59.

Insider Activity

In related news, SVP Marc Taxay sold 1,040 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $234.00, for a total transaction of $243,360.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, SVP Marc Taxay sold 1,040 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $234.00, for a total value of $243,360.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Yvonne Wassenaar sold 186 shares of the firm’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $261.41, for a total transaction of $48,622.26. Following the completion of the transaction, the director now directly owns 2,678 shares of the company’s stock, valued at approximately $700,055.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 286,084 shares of company stock worth $79,741,091. Corporate insiders own 18.99% of the company’s stock.

Arista Networks Price Performance

ANET stock traded up $2.26 during mid-day trading on Thursday, reaching $290.67. The company had a trading volume of 697,666 shares, compared to its average volume of 2,477,247. The firm has a 50 day moving average of $274.45 and a 200 day moving average of $232.99. Arista Networks, Inc. has a 12 month low of $131.68 and a 12 month high of $307.74. The company has a market capitalization of $90.87 billion, a PE ratio of 43.90, a price-to-earnings-growth ratio of 2.57 and a beta of 1.10.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the firm earned $1.25 earnings per share. The company’s quarterly revenue was up 20.8% on a year-over-year basis. Analysts anticipate that Arista Networks, Inc. will post 6.63 EPS for the current year.

About Arista Networks

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.