MGO One Seven LLC Sells 134 Shares of Arista Networks, Inc. (NYSE:ANET)

Posted by Defense World Staff on Aug 16th, 2023

MGO One Seven LLC decreased its stake in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 7.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,779 shares of the technology company’s stock after selling 134 shares during the quarter. MGO One Seven LLC’s holdings in Arista Networks were worth $299,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Arista Networks by 1.8% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 44,902 shares of the technology company’s stock valued at $7,537,000 after purchasing an additional 803 shares during the period. Brighton Jones LLC purchased a new stake in shares of Arista Networks in the first quarter worth approximately $459,000. Montgomery Investment Management Inc. bought a new position in Arista Networks in the first quarter worth approximately $235,000. Braun Stacey Associates Inc. grew its stake in Arista Networks by 92.1% in the first quarter. Braun Stacey Associates Inc. now owns 365,894 shares of the technology company’s stock worth $61,419,000 after purchasing an additional 175,401 shares in the last quarter. Finally, Eagle Asset Management Inc. grew its stake in Arista Networks by 17.8% in the first quarter. Eagle Asset Management Inc. now owns 12,688 shares of the technology company’s stock worth $2,129,000 after purchasing an additional 1,916 shares in the last quarter. Hedge funds and other institutional investors own 67.80% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $154.67, for a total transaction of $3,093,400.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at $501,749.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $154.67, for a total value of $3,093,400.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $501,749.48. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider John F. Mccool sold 2,824 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $142.07, for a total transaction of $401,205.68. Following the completion of the transaction, the insider now directly owns 72 shares of the company’s stock, valued at $10,229.04. The disclosure for this sale can be found here. Insiders sold 197,156 shares of company stock worth $32,964,968 over the last 90 days. Corporate insiders own 18.99% of the company’s stock.

Arista Networks Stock Up 0.9 %

Shares of NYSE ANET opened at $179.65 on Wednesday. The firm has a market cap of $55.62 billion, a price-to-earnings ratio of 33.21, a PEG ratio of 1.71 and a beta of 1.23. Arista Networks, Inc. has a 52-week low of $98.20 and a 52-week high of $190.65. The business’s 50 day moving average is $165.22 and its two-hundred day moving average is $154.94.

Arista Networks (NYSE:ANET – Get Free Report) last posted its quarterly earnings data on Monday, July 31st. The technology company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.29. The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.38 billion. Arista Networks had a return on equity of 31.19% and a net margin of 32.48%. The company’s revenue was up 38.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 earnings per share. Analysts anticipate that Arista Networks, Inc. will post 5.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ANET has been the topic of several recent research reports. Argus increased their target price on Arista Networks from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, August 2nd. The Goldman Sachs Group lifted their price target on Arista Networks from $193.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Morgan Stanley lifted their price objective on Arista Networks from $150.00 to $185.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 1st. Credit Suisse Group lifted their price objective on Arista Networks from $146.00 to $151.00 in a report on Tuesday, May 2nd. Finally, Bank of America lifted their price objective on Arista Networks from $170.00 to $190.00 in a report on Friday, June 16th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $193.50.

Read Our Latest Report on Arista Networks

Arista Networks Company 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.