Lord Abbett & CO. LLC cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 32.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 295,287 shares of the technology company’s stock after selling 142,225 shares during the quarter. Lord Abbett & CO. LLC owned about 0.41% of Arista Networks worth $44,231,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. D.A. Davidson & CO. grew its stake in shares of Arista Networks by 3.2% during the 2nd quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock worth $147,000 after purchasing an additional 30 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Arista Networks by 20.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after purchasing an additional 126 shares during the period. M&T Bank Corp grew its stake in shares of Arista Networks by 6.4% during the 2nd quarter. M&T Bank Corp now owns 2,315 shares of the technology company’s stock worth $347,000 after purchasing an additional 140 shares during the period. First United Bank Trust grew its stake in shares of Arista Networks by 2.5% during the 2nd quarter. First United Bank Trust now owns 6,510 shares of the technology company’s stock worth $975,000 after purchasing an additional 160 shares during the period. Finally, Affinity Wealth Management grew its stake in shares of Arista Networks by 11.6% during the 2nd quarter. Affinity Wealth Management now owns 2,158 shares of the technology company’s stock worth $323,000 after purchasing an additional 224 shares during the period. 59.33% of the stock is currently owned by institutional investors and hedge funds.

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In other news, insider Ita M. Brennan sold 5,000 shares of Arista Networks stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $175.00, for a total transaction of $875,000.00. Following the completion of the sale, the insider now directly owns 21,079 shares in the company, valued at approximately $3,688,825. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Anshul Sadana sold 12,000 shares of Arista Networks stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $189.95, for a total value of $2,279,400.00. Following the sale, the insider now owns 86,788 shares of the company’s stock, valued at $16,485,380.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 401,046 shares of company stock valued at $69,923,064. 28.09% of the stock is owned by corporate insiders.

A number of equities analysts have recently weighed in on the stock. Deutsche Bank AG reaffirmed a “buy” rating and set a $210.00 price target (up from $185.00) on shares of Arista Networks in a research note on Monday, October 9th. BidaskClub raised shares of Arista Networks from a “hold” rating to a “buy” rating in a research note on Saturday, September 23rd. Berenberg Bank assumed coverage on shares of Arista Networks in a research note on Tuesday, September 26th. They set a “buy” rating and a $225.00 price target on the stock. KeyCorp reaffirmed a “buy” rating and set a $200.00 price target on shares of Arista Networks in a research note on Friday, September 29th. Finally, Citigroup Inc. reaffirmed a “buy” rating and set a $215.00 price target on shares of Arista Networks in a research note on Wednesday, September 27th. Fifteen 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 a consensus price target of $166.49.

Arista Networks, Inc. (NYSE ANET) traded up 0.934% on Friday, hitting $191.905. 60,644 shares of the stock were exchanged. Arista Networks, Inc. has a 52 week low of $79.05 and a 52 week high of $196.27. The company’s 50-day moving average is $184.49 and its 200-day moving average is $159.60. The company has a market cap of $13.92 billion, a PE ratio of 49.524 and a beta of 1.31.

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 business had revenue of $405.21 million during the quarter, compared to analyst estimates of $361.02 million. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. The firm’s revenue was up 50.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.74 EPS. On average, analysts predict that Arista Networks, Inc. will post $4.70 earnings per share for the current year.

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.

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

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