Milestone Asset Management LLC Lowers Stake in Arista Networks, Inc. $ANET

Milestone Asset Management LLC cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 16.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,037 shares of the technology company’s stock after selling 2,933 shares during the quarter. Milestone Asset Management LLC’s holdings in Arista Networks were worth $1,538,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. NewSquare Capital LLC raised its stake in Arista Networks by 117.5% during the 2nd quarter. NewSquare Capital LLC now owns 670 shares of the technology company’s stock worth $69,000 after acquiring an additional 362 shares during the period. Key Financial Inc bought a new stake in Arista Networks during the second quarter worth approximately $112,000. KDT Advisors LLC bought a new stake in shares of Arista Networks in the 2nd quarter worth about $223,000. Westside Investment Management Inc. boosted its holdings in Arista Networks by 120.0% during the 2nd quarter. Westside Investment Management Inc. now owns 770 shares of the technology company’s stock valued at $76,000 after acquiring an additional 420 shares during the period. Finally, Intellectus Partners LLC grew its holdings in shares of Arista Networks by 13.6% in the second quarter. Intellectus Partners LLC now owns 9,343 shares of the technology company’s stock worth $956,000 after purchasing an additional 1,117 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Rosenblatt Securities raised their price target on shares of Arista Networks from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Friday, September 12th. Erste Group Bank raised Arista Networks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 23rd. BNP Paribas Exane upgraded Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective on the stock in a report on Thursday, September 25th. BNP Paribas upgraded Arista Networks from a “hold” rating to an “outperform” rating in a research report on Thursday, September 25th. Finally, Morgan Stanley set a $171.00 price objective on Arista Networks and gave the stock an “overweight” rating in a research report on Friday, October 10th. Nineteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $163.94.

Arista Networks Price Performance

Shares of ANET stock opened at $157.49 on Tuesday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94. The firm’s 50-day simple moving average is $146.21 and its 200-day simple moving average is $118.11. The firm has a market cap of $197.95 billion, a P/E ratio of 61.94, a PEG ratio of 3.37 and a beta of 1.47.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.08. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.11 billion. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. The company’s revenue was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 EPS. Analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 1,247,688 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $148.53, for a total transaction of $185,319,098.64. Following the transaction, the chief executive officer directly owned 5,383,207 shares of the company’s stock, valued at approximately $799,567,735.71. The trade was a 18.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $147.49, for a total transaction of $1,179,920.00. Following the completion of the transaction, the director owned 41,784 shares in the company, valued at $6,162,722.16. The trade was a 16.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,325,040 shares of company stock valued at $611,632,257 over the last quarter. Company insiders own 3.39% of the company’s stock.

Arista Networks Company Profile

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.