Arista Networks, Inc. (NYSE:ANET) Shares Sold by Axxcess Wealth Management LLC

Posted by Defense World Staff on Jul 31st, 2023

Axxcess Wealth Management LLC cut its stake in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 82.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,417 shares of the technology company’s stock after selling 6,712 shares during the period. Axxcess Wealth Management LLC’s holdings in Arista Networks were worth $238,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ANET. Envestnet Asset Management Inc. lifted its holdings in Arista Networks by 36.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 261,360 shares of the technology company’s stock valued at $31,716,000 after acquiring an additional 70,034 shares during the period. Lindbrook Capital LLC increased its stake in Arista Networks by 6.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,097 shares of the technology company’s stock valued at $520,000 after purchasing an additional 188 shares in the last quarter. Metis Global Partners LLC grew its holdings in Arista Networks by 39.8% in the fourth quarter. Metis Global Partners LLC now owns 5,119 shares of the technology company’s stock valued at $621,000 after purchasing an additional 1,457 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Arista Networks during the 4th quarter worth $118,000. Finally, Quadrant Capital Group LLC boosted its position in shares of Arista Networks by 51.4% in the 4th quarter. Quadrant Capital Group LLC now owns 2,352 shares of the technology company’s stock worth $285,000 after buying an additional 799 shares in the last quarter. 67.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider John F. Mccool sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $145.31, for a total transaction of $145,310.00. Following the completion of the transaction, the insider now directly owns 72 shares in the company, valued at $10,462.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, COO Anshul Sadana sold 18,817 shares of Arista Networks stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $153.21, for a total transaction of $2,882,952.57. Following the transaction, the chief operating officer now directly owns 63,986 shares in the company, valued at approximately $9,803,295.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John F. Mccool sold 1,000 shares of the company’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $145.31, for a total value of $145,310.00. Following the completion of the sale, the insider now owns 72 shares of the company’s stock, valued at approximately $10,462.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 139,288 shares of company stock valued at $22,441,812. 18.99% of the stock is currently owned by company insiders.

Arista Networks Stock Down 6.1 %

Shares of NYSE ANET opened at $151.09 on Monday. The stock’s 50 day moving average price is $161.51 and its two-hundred day moving average price is $150.36. Arista Networks, Inc. has a 52-week low of $98.20 and a 52-week high of $178.36. The stock has a market capitalization of $46.58 billion, a P/E ratio of 31.48, a PEG ratio of 1.64 and a beta of 1.23.

Arista Networks (NYSE:ANET – Get Free Report) last issued its earnings results on Monday, May 1st. The technology company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Arista Networks had a net margin of 31.24% and a return on equity of 31.33%. The firm’s revenue was up 54.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 earnings per share. On average, analysts anticipate that Arista Networks, Inc. will post 5.23 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. JMP Securities upped their target price on Arista Networks from $165.00 to $200.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 26th. Morgan Stanley raised their target price on shares of Arista Networks from $140.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Friday, April 14th. Barclays lifted their price objective on Arista Networks from $177.00 to $179.00 in a research report on Tuesday, May 2nd. BNP Paribas initiated coverage on shares of Arista Networks in a research note on Thursday, July 20th. They set an “outperform” rating and a $210.00 price objective for the company. Finally, StockNews.com initiated coverage on shares of Arista Networks in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $179.86.

Arista Networks Profile

(Free Report)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.