MAI Capital Management Has $16.59 Million Stock Position in Arista Networks, Inc. $ANET

MAI Capital Management cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 4.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 113,836 shares of the technology company’s stock after selling 5,750 shares during the period. MAI Capital Management’s holdings in Arista Networks were worth $16,587,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in ANET. Global Trust Asset Management LLC boosted its stake in shares of Arista Networks by 33.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock worth $2,808,000 after buying an additional 4,780 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in Arista Networks during the third quarter worth about $8,263,000. National Wealth Management Group LLC acquired a new position in Arista Networks during the third quarter valued at approximately $1,296,000. Vanguard Group Inc. grew its stake in Arista Networks by 1.2% in the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after purchasing an additional 1,136,167 shares in the last quarter. Finally, Holocene Advisors LP bought a new position in Arista Networks in the second quarter valued at approximately $247,451,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity

In other Arista Networks news, Director Kelly Bodnar Battles sold 422 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $128.06, for a total transaction of $54,041.32. Following the transaction, the director owned 9,529 shares in the company, valued at $1,220,283.74. This trade represents a 4.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kenneth Duda sold 32,000 shares of Arista Networks stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $142.44, for a total value of $4,558,080.00. Following the sale, the insider directly owned 12,976 shares of the company’s stock, valued at $1,848,301.44. This represents a 71.15% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 194,422 shares of company stock valued at $25,620,741. 3.39% of the stock is owned by insiders.

Arista Networks Price Performance

Shares of ANET opened at $132.90 on Thursday. The firm has a market capitalization of $167.00 billion, a PE ratio of 48.15, a PEG ratio of 2.28 and a beta of 1.42. The company’s 50-day moving average is $134.19 and its 200-day moving average is $137.44. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.75 by $0.07. The business had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. Arista Networks’s revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.66 EPS. Analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ANET. Erste Group Bank cut Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. KeyCorp reaffirmed an “overweight” rating and set a $178.00 price target (up from $170.00) on shares of Arista Networks in a research report on Friday, February 13th. Barclays reiterated an “overweight” rating and issued a $184.00 price target (up from $183.00) on shares of Arista Networks in a research note on Friday, February 13th. The Goldman Sachs Group restated a “buy” rating and set a $188.00 price objective (up from $165.00) on shares of Arista Networks in a research note on Friday, February 13th. Finally, Needham & Company LLC upped their target price on shares of Arista Networks from $165.00 to $185.00 and gave the company a “buy” rating in a report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and an average price target of $176.88.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.