First Trust Direct Indexing L.P. Sells 328 Shares of Arista Networks, Inc. (NYSE:ANET)

Posted by Defense World Staff on Sep 26th, 2023

First Trust Direct Indexing L.P. cut its holdings in Arista Networks, Inc. (NYSE:ANET – Free Report) by 11.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,657 shares of the technology company’s stock after selling 328 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Arista Networks were worth $431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of ANET. Sheets Smith Wealth Management purchased a new stake in Arista Networks in the first quarter worth about $304,000. Hollencrest Capital Management purchased a new stake in Arista Networks in the first quarter worth about $30,000. TFC Financial Management Inc. lifted its holdings in Arista Networks by 131.0% in the first quarter. TFC Financial Management Inc. now owns 194 shares of the technology company’s stock worth $33,000 after buying an additional 110 shares during the period. McIlrath & Eck LLC lifted its holdings in Arista Networks by 139.6% in the first quarter. McIlrath & Eck LLC now owns 254 shares of the technology company’s stock worth $43,000 after buying an additional 148 shares during the period. Finally, Close Asset Management Ltd purchased a new stake in Arista Networks in the first quarter worth about $43,000. 67.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $188.52, for a total value of $377,040.00. Following the completion of the sale, the director now owns 72,946 shares of the company’s stock, valued at approximately $13,751,779.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $188.52, for a total transaction of $377,040.00. Following the completion of the sale, the director now owns 72,946 shares of the company’s stock, valued at approximately $13,751,779.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John F. Mccool sold 1,000 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $197.78, for a total transaction of $197,780.00. Following the sale, the insider now directly owns 144 shares of the company’s stock, valued at approximately $28,480.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 143,212 shares of company stock valued at $26,086,688. Company insiders own 18.99% of the company’s stock.

Arista Networks Trading Up 0.4 %

NYSE:ANET opened at $181.11 on Tuesday. Arista Networks, Inc. has a 12 month low of $98.20 and a 12 month high of $198.70. The company has a market cap of $56.07 billion, a PE ratio of 33.48, a price-to-earnings-growth ratio of 1.75 and a beta of 1.17. The company has a 50 day simple moving average of $181.20 and a two-hundred day simple moving average of $165.39.

Arista Networks (NYSE:ANET – Get Free Report) last posted its earnings results on Monday, July 31st. The technology company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.29. Arista Networks had a net margin of 32.48% and a return on equity of 31.19%. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the firm posted $0.98 EPS. The firm’s revenue was up 38.7% on a year-over-year basis. Research analysts forecast that Arista Networks, Inc. will post 5.49 earnings per share for the current year.

Analysts Set New Price Targets

ANET has been the subject of several research analyst reports. Rosenblatt Securities raised their price objective on shares of Arista Networks from $190.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, September 14th. Piper Sandler lifted their target price on shares of Arista Networks from $166.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday, August 1st. Barclays lifted their target price on shares of Arista Networks from $179.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, August 1st. Needham & Company LLC lifted their target price on shares of Arista Networks from $195.00 to $200.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Finally, BNP Paribas initiated coverage on shares of Arista Networks in a report on Thursday, July 20th. They set an “outperform” rating and a $210.00 target price for the company. Three investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.40.

View Our Latest Analysis on Arista Networks

About Arista Networks

(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.