Sentry Investment Management LLC Sells 224 Shares of Arista Networks, Inc. (NYSE:ANET)

Sentry Investment Management LLC cut its stake in Arista Networks, Inc. (NYSE:ANET) by 17.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,092 shares of the technology company’s stock after selling 224 shares during the quarter. Sentry Investment Management LLC’s holdings in Arista Networks were worth $383,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Beacon Capital Management LLC boosted its position in shares of Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. LGT Financial Advisors LLC bought a new stake in shares of Arista Networks during the 2nd quarter valued at $27,000. Benjamin Edwards Inc. purchased a new stake in shares of Arista Networks in the 1st quarter worth about $26,000. Byrne Asset Management LLC bought a new position in shares of Arista Networks in the 2nd quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC purchased a new position in Arista Networks during the 2nd quarter valued at about $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ANET has been the topic of a number of recent research reports. Wells Fargo & Company upped their price objective on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Bank of America lifted their price objective on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Citigroup increased their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Finally, JPMorgan Chase & Co. lifted their price target on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $358.63.

Arista Networks Stock Performance

ANET stock opened at $342.65 on Thursday. The business’s 50-day moving average is $341.40 and its two-hundred day moving average is $312.45. The company has a market cap of $107.37 billion, a price-to-earnings ratio of 47.72, a P/E/G ratio of 2.48 and a beta of 1.07. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $376.50.

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

Insider Transactions at Arista Networks

In other news, Director Daniel Scheinman sold 1,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $328.17, for a total value of $328,170.00. Following the completion of the sale, the director now directly owns 37,732 shares in the company, valued at approximately $12,382,510.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Daniel Scheinman sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $328.17, for a total transaction of $328,170.00. Following the completion of the transaction, the director now directly owns 37,732 shares in the company, valued at approximately $12,382,510.44. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the sale, the director now owns 2,726 shares in the company, valued at approximately $883,278.52. The disclosure for this sale can be found here. Insiders have sold 107,989 shares of company stock worth $38,219,586 in the last 90 days. 3.54% of the stock is currently owned by 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.