Harmony Asset Management LLC Acquires 8,750 Shares of Arista Networks, Inc. $ANET

Harmony Asset Management LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 61.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 22,918 shares of the technology company’s stock after acquiring an additional 8,750 shares during the period. Arista Networks accounts for 1.2% of Harmony Asset Management LLC’s portfolio, making the stock its 21st largest position. Harmony Asset Management LLC’s holdings in Arista Networks were worth $3,339,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Bare Financial Services Inc increased its holdings in Arista Networks by 2,118.2% in the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after purchasing an additional 233 shares during the last quarter. AdvisorNet Financial Inc grew its position in shares of Arista Networks by 56.7% during the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after buying an additional 72 shares during the period. Richardson Financial Services Inc. increased its stake in shares of Arista Networks by 141.3% in the 3rd quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock valued at $32,000 after acquiring an additional 130 shares during the last quarter. REAP Financial Group LLC increased its stake in shares of Arista Networks by 108.0% in the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after acquiring an additional 175 shares during the last quarter. Finally, SJS Investment Consulting Inc. raised its position in shares of Arista Networks by 979.2% in the 3rd quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after acquiring an additional 235 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the topic of several recent analyst reports. Rosenblatt Securities reissued a “neutral” rating and set a $140.00 price objective on shares of Arista Networks in a research note on Monday, November 24th. Erste Group Bank cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. UBS Group restated a “buy” rating and issued a $155.00 price objective on shares of Arista Networks in a research report on Wednesday, December 3rd. Barclays reaffirmed an “overweight” rating and set a $183.00 price objective (up previously from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $164.44.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total value of $2,994,431.10. Following the sale, the chief executive officer owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. This trade represents a 70.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kenneth Duda sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total value of $3,694,800.00. Following the completion of the sale, the insider owned 12,976 shares in the company, valued at $1,598,124.16. The trade was a 69.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 216,464 shares of company stock worth $27,553,548. 3.39% of the stock is owned by corporate insiders.

Arista Networks Trading Down 6.5%

ANET opened at $130.30 on Thursday. The stock has a market capitalization of $164.09 billion, a P/E ratio of 49.54, a P/E/G ratio of 2.35 and a beta of 1.42. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94. The firm’s fifty day simple moving average is $131.64 and its 200 day simple moving average is $135.80.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The company’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same quarter last year, the business posted $2.40 EPS. On average, equities research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.