Eastern Bank Acquires New Holdings in Arista Networks, Inc. (NYSE:ANET)

Eastern Bank purchased a new position in Arista Networks, Inc. (NYSE:ANET) during the 3rd quarter, Holdings Channel reports. The fund purchased 55,459 shares of the technology company’s stock, valued at approximately $21,286,000.

Several other institutional investors have also added to or reduced their stakes in the business. Beacon Capital Management LLC boosted its stake in shares of Arista Networks by 500.0% during the 2nd 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 period. LGT Financial Advisors LLC bought a new stake in shares of Arista Networks in the 2nd quarter valued at about $27,000. Byrne Asset Management LLC bought a new stake in shares of Arista Networks in the 2nd quarter valued at about $33,000. Sugarloaf Wealth Management LLC bought a new stake in shares of Arista Networks in the 2nd quarter valued at about $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Arista Networks in the 2nd quarter worth approximately $35,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Down 1.7 %

ANET traded down $7.09 during midday trading on Tuesday, hitting $398.92. 1,620,672 shares of the company were exchanged, compared to its average volume of 2,232,053. The firm has a market capitalization of $125.01 billion, a P/E ratio of 56.55, a P/E/G ratio of 3.21 and a beta of 1.07. The firm’s 50 day moving average price is $368.60 and its 200-day moving average price is $332.64. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $422.73.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the company posted $1.41 EPS. The firm’s revenue was up 15.9% compared to the same quarter last year. On average, sell-side analysts predict that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ANET has been the topic of several recent research reports. Barclays upped their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Wells Fargo & Company upped their price objective on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Needham & Company LLC reissued a “buy” rating and set a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. UBS Group raised their target price on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Finally, Morgan Stanley raised their target price on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on 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 transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $394.69, for a total value of $7,893,800.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $342.28, for a total value of $684,560.00. Following the sale, the director now owns 50,946 shares in the company, valued at $17,437,796.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 58,197 shares of company stock valued at $21,326,894 over the last three months. Corporate insiders own 3.54% of the company’s stock.

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.