Wells Fargo & Company MN lessened its holdings in Arista Networks, Inc. (NYSE:ANET) by 1.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 158,488 shares of the technology company’s stock after selling 2,207 shares during the period. Wells Fargo & Company MN owned about 0.22% of Arista Networks worth $23,739,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ANET. BlackRock Inc. raised its stake in shares of Arista Networks by 34,238.9% in the 1st quarter. BlackRock Inc. now owns 1,684,322 shares of the technology company’s stock valued at $222,784,000 after acquiring an additional 1,679,417 shares during the period. Harbour Capital Advisors LLC raised its stake in shares of Arista Networks by 13,502.2% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock valued at $8,200,000 after acquiring an additional 1,219,248 shares during the period. FMR LLC raised its stake in shares of Arista Networks by 32.2% in the 1st quarter. FMR LLC now owns 3,288,755 shares of the technology company’s stock valued at $435,004,000 after acquiring an additional 800,465 shares during the period. Vanguard Group Inc. raised its stake in shares of Arista Networks by 12.8% in the 1st quarter. Vanguard Group Inc. now owns 3,514,246 shares of the technology company’s stock valued at $464,830,000 after acquiring an additional 399,688 shares during the period. Finally, Ardevora Asset Management LLP purchased a new position in shares of Arista Networks in the 2nd quarter valued at $36,384,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks, Inc. (ANET) opened at 191.05 on Friday. The firm has a market capitalization of $13.86 billion, a price-to-earnings ratio of 49.30 and a beta of 1.30. Arista Networks, Inc. has a 12-month low of $78.82 and a 12-month high of $192.08. The stock has a 50 day moving average of $171.12 and a 200 day moving average of $150.29.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.15. The firm had revenue of $405.21 million for the quarter, compared to analyst estimates of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The business’s revenue for the quarter was up 50.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 EPS. Equities research analysts anticipate that Arista Networks, Inc. will post $4.70 earnings per share for the current year.

In other news, insider Anshul Sadana sold 12,000 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $154.51, for a total value of $1,854,120.00. Following the sale, the insider now owns 99,841 shares of the company’s stock, valued at approximately $15,426,432.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jayshree Ullal sold 55,221 shares of the company’s stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $160.22, for a total transaction of $8,847,508.62. Following the completion of the sale, the insider now directly owns 2,576 shares in the company, valued at approximately $412,726.72. The disclosure for this sale can be found here. Insiders sold a total of 484,942 shares of company stock worth $82,414,703 in the last three months. Insiders own 28.09% of the company’s stock.

ANET has been the topic of a number of research reports. Needham & Company LLC reissued a “buy” rating and issued a $150.00 target price on shares of Arista Networks in a research note on Tuesday, July 4th. Zacks Investment Research downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Stifel Nicolaus reissued a “hold” rating and issued a $145.00 target price on shares of Arista Networks in a research note on Friday, July 21st. BidaskClub downgraded shares of Arista Networks from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 4th. Finally, Barclays PLC raised their target price on shares of Arista Networks from $161.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, June 15th. Fourteen equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $160.00.

TRADEMARK VIOLATION WARNING: “Wells Fargo & Company MN Cuts Stake in Arista Networks, Inc. (ANET)” was originally posted by Daily Political and is owned by of Daily Political. If you are reading this report on another site, it was illegally copied and reposted in violation of United States & international copyright laws. The original version of this report can be viewed at https://www.dailypolitical.com/2017/09/24/wells-fargo-company-mn-cuts-stake-in-arista-networks-inc-anet.html.

About Arista Networks

Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANET).

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

Receive News & Ratings for Arista Networks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.