Cim LLC Decreases Holdings in Arista Networks, Inc. (NYSE:ANET)

Cim LLC reduced its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 50.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,500 shares of the technology company's stock after selling 5,512 shares during the quarter. Cim LLC's holdings in Arista Networks were worth $1,806,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the business. FCG Investment Co increased its stake in Arista Networks by 2.3% in the second quarter. FCG Investment Co now owns 1,271 shares of the technology company's stock valued at $445,000 after acquiring an additional 29 shares during the period. Old Port Advisors lifted its holdings in shares of Arista Networks by 3.5% during the first quarter. Old Port Advisors now owns 955 shares of the technology company's stock valued at $277,000 after acquiring an additional 32 shares during the period. Fortitude Family Office LLC grew its holdings in shares of Arista Networks by 33.3% in the 2nd quarter. Fortitude Family Office LLC now owns 132 shares of the technology company's stock worth $46,000 after purchasing an additional 33 shares during the last quarter. Resonant Capital Advisors LLC increased its holdings in shares of Arista Networks by 4.1% during the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company's stock worth $305,000 after buying an additional 34 shares in the last quarter. Finally, Modera Wealth Management LLC increased its holdings in Arista Networks by 2.1% during the 2nd quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company's stock valued at $625,000 after purchasing an additional 37 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Up 1.5 %

Shares of ANET traded up $5.74 on Wednesday, reaching $387.59. 215,009 shares of the company's stock traded hands, compared to its average volume of 2,271,072. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $395.82. The stock has a market cap of $121.46 billion, a PE ratio of 53.98, a PEG ratio of 3.04 and a beta of 1.07. The stock's 50 day simple moving average is $347.22 and its two-hundred day simple moving average is $322.12.

Arista Networks (NYSE:ANET - Get Free Report) 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 net margin of 39.01% and a return on equity of 30.50%. 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 firm earned $1.41 EPS. Arista Networks's revenue for the quarter was up 15.9% on a year-over-year basis. Analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insider Activity

In other news, SVP Marc Taxay sold 628 shares of the company's stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Marc Taxay sold 628 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 372 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $356.74, for a total value of $132,707.28. Following the sale, the director now directly owns 2,565 shares of the company's stock, valued at approximately $915,038.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,157 shares of company stock worth $19,291,193. 3.54% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ANET has been the topic of several research analyst reports. Morgan Stanley increased their price target on shares of Arista Networks from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Thursday, July 18th. Erste Group Bank reiterated a "buy" rating on shares of Arista Networks in a research note on Friday, June 14th. Barclays raised their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an "overweight" rating in a research note on Wednesday, July 31st. Wells Fargo & Company boosted their target price on Arista Networks from $340.00 to $390.00 and gave the stock an "overweight" rating in a report on Wednesday, July 24th. Finally, Jefferies Financial Group upped their target price on Arista Networks from $340.00 to $380.00 and gave the company a "buy" rating in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and an average target price of $364.81.

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.