Garrison Asset Management LLC Has $7.81 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

Garrison Asset Management LLC reduced its position in shares of Arista Networks, Inc. (NYSE:ANET) by 2.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,275 shares of the technology company’s stock after selling 482 shares during the period. Arista Networks makes up about 4.1% of Garrison Asset Management LLC’s investment portfolio, making the stock its 2nd largest position. Garrison Asset Management LLC’s holdings in Arista Networks were worth $7,807,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Beacon Capital Management LLC lifted its position 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 valued at $27,000 after acquiring an additional 65 shares during the last quarter. LGT Financial Advisors LLC purchased a new stake in shares of Arista Networks during the second quarter valued at $27,000. Benjamin Edwards Inc. acquired a new position in shares of Arista Networks in the 1st quarter valued at $26,000. Byrne Asset Management LLC purchased a new position in Arista Networks in the 2nd quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC purchased a new stake in Arista Networks during the second quarter valued at about $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ANET has been the topic of several analyst reports. Piper Sandler lifted their target price on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Rosenblatt Securities boosted their target price on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Barclays raised their target price on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Jefferies Financial Group upped their price target on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Bank of America raised their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $358.63.

Insider Transactions at Arista Networks

In related news, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the transaction, the director now directly owns 2,726 shares in the company, valued at approximately $883,278.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $352.93, for a total value of $705,860.00. Following the completion of the transaction, the director now directly owns 52,946 shares of the company’s stock, valued at $18,686,231.78. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the sale, the director now directly owns 2,726 shares in the company, valued at approximately $883,278.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 106,989 shares of company stock worth $37,891,416. Insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

Arista Networks stock opened at $359.76 on Friday. The firm has a market cap of $113.02 billion, a price-to-earnings ratio of 50.11, a P/E/G ratio of 2.70 and a beta of 1.07. The firm has a fifty day moving average price of $341.07 and a two-hundred day moving average price of $313.64. 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 announced its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.41 EPS. As a group, sell-side analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

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.