Goldstream Capital Management Ltd Reduces Position in Arista Networks, Inc. $ANET

Goldstream Capital Management Ltd reduced its position in Arista Networks, Inc. (NYSE:ANET) by 24.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,649 shares of the technology company’s stock after selling 7,660 shares during the quarter. Arista Networks accounts for approximately 0.8% of Goldstream Capital Management Ltd’s holdings, making the stock its 21st biggest holding. Goldstream Capital Management Ltd’s holdings in Arista Networks were worth $2,420,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ANET. Vanguard Group Inc. raised its holdings in shares of Arista Networks by 1.2% in the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after buying an additional 1,136,167 shares during the period. Cresset Asset Management LLC boosted its holdings in Arista Networks by 1.0% during the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock valued at $2,698,362,000 after acquiring an additional 263,272 shares during the period. Geode Capital Management LLC grew its position in Arista Networks by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after acquiring an additional 128,977 shares during the last quarter. Alliancebernstein L.P. grew its position in Arista Networks by 9.0% in the 1st quarter. Alliancebernstein L.P. now owns 22,959,214 shares of the technology company’s stock valued at $1,778,880,000 after acquiring an additional 1,889,198 shares during the last quarter. Finally, Norges Bank purchased a new stake in Arista Networks in the second quarter worth $1,228,177,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

NYSE ANET opened at $129.00 on Tuesday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94. The company has a market capitalization of $162.44 billion, a price-to-earnings ratio of 49.05, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41. The company’s 50-day simple moving average is $140.23 and its two-hundred day simple moving average is $125.84.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.03. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The company’s revenue was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.40 EPS. Equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Kenneth Duda sold 26,000 shares of the company’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $128.61, for a total transaction of $3,343,860.00. Following the completion of the sale, the insider directly owned 542,400 shares in the company, valued at $69,758,064. This represents a 4.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kelly Bodnar Battles sold 422 shares of Arista Networks stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $117.15, for a total value of $49,437.30. Following the completion of the transaction, the director owned 8,980 shares in the company, valued at $1,052,007. This trade represents a 4.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,522,152 shares of company stock worth $223,569,587 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent analyst reports. Morgan Stanley set a $171.00 target price on shares of Arista Networks and gave the company an “overweight” rating in a research note on Friday, October 10th. The Goldman Sachs Group lifted their price objective on shares of Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a report on Friday, September 12th. JPMorgan Chase & Co. boosted their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. UBS Group reaffirmed a “buy” rating and set a $155.00 target price on shares of Arista Networks in a research report on Wednesday, December 3rd. Finally, Wells Fargo & Company boosted their price target on Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Eighteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $164.31.

About Arista Networks

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.