Petra Financial Advisors Inc. Purchases 79 Shares of Arista Networks, Inc. (NYSE:ANET)

Petra Financial Advisors Inc. boosted its position in Arista Networks, Inc. (NYSE:ANET) by 2.6% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 3,099 shares of the technology company’s stock after acquiring an additional 79 shares during the period. Petra Financial Advisors Inc.’s holdings in Arista Networks were worth $1,189,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Beacon Capital Management LLC increased its position in shares of Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after purchasing an additional 65 shares during the last quarter. LGT Financial Advisors LLC purchased a new stake in Arista Networks in the second quarter worth approximately $27,000. Byrne Asset Management LLC purchased a new stake in Arista Networks in the second quarter worth approximately $33,000. Sugarloaf Wealth Management LLC purchased a new stake in Arista Networks in the second quarter worth approximately $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Arista Networks in the second quarter worth approximately $35,000. 82.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ANET. Piper Sandler upped their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Citigroup increased their price objective on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group increased their price objective on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. UBS Group increased their price objective on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Finally, Rosenblatt Securities increased their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $373.88.

Arista Networks Trading Down 2.8 %

Arista Networks stock traded down $10.93 on Thursday, hitting $385.07. 759,700 shares of the stock traded hands, compared to its average volume of 2,196,386. The business’s fifty day simple moving average is $374.66 and its 200 day simple moving average is $337.48. The firm has a market cap of $120.67 billion, a P/E ratio of 55.15, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a 1 year low of $187.68 and a 1 year high of $422.73.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the company earned $1.41 EPS. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, analysts predict that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,280,374.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $394.69, for a total value of $7,893,800.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,354 shares of company stock worth $20,364,014. 3.54% of the stock is owned by corporate insiders.

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.