First Republic Investment Management Inc. trimmed its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 25.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,845 shares of the technology company’s stock after selling 2,355 shares during the quarter. First Republic Investment Management Inc.’s holdings in Arista Networks were worth $1,297,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of ANET. BlackRock Inc. lifted its position in Arista Networks by 41.1% during the 2nd quarter. BlackRock Inc. now owns 2,376,973 shares of the technology company’s stock worth $356,048,000 after acquiring an additional 692,651 shares during the period. Koch Industries Inc. acquired a new stake in Arista Networks during the 2nd quarter worth approximately $592,000. State Street Corp lifted its position in Arista Networks by 44.7% during the 2nd quarter. State Street Corp now owns 1,063,294 shares of the technology company’s stock worth $159,278,000 after acquiring an additional 328,534 shares during the period. Vanguard Group Inc. lifted its position in Arista Networks by 7.1% during the 2nd quarter. Vanguard Group Inc. now owns 3,763,999 shares of the technology company’s stock worth $563,810,000 after acquiring an additional 249,753 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Arista Networks by 88.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 465,641 shares of the technology company’s stock worth $88,290,000 after acquiring an additional 218,014 shares during the period. 58.22% of the stock is owned by institutional investors.
Arista Networks, Inc. (NYSE ANET) opened at $225.13 on Thursday. Arista Networks, Inc. has a one year low of $87.33 and a one year high of $245.65. The firm has a market capitalization of $15,954.21, a P/E ratio of 52.46, a P/E/G ratio of 1.98 and a beta of 1.38. The company has a quick ratio of 3.07, a current ratio of 3.66 and a debt-to-equity ratio of 0.03.
A number of brokerages have recently issued reports on ANET. Deutsche Bank reissued a “buy” rating and set a $250.00 target price on shares of Arista Networks in a research note on Friday, December 1st. Citigroup increased their target price on Arista Networks to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 1st. Bank of America increased their target price on Arista Networks from $210.00 to $250.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 29th. Needham & Company LLC increased their target price on Arista Networks from $217.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, November 16th. Finally, Wells Fargo & Company began coverage on Arista Networks in a research note on Tuesday, November 14th. They set a “market perform” rating and a $235.00 target price for the company. Fifteen equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $192.55.
In other Arista Networks news, insider Anshul Sadana sold 12,000 shares of the firm’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $189.95, for a total transaction of $2,279,400.00. Following the completion of the transaction, the insider now owns 86,788 shares of the company’s stock, valued at $16,485,380.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 7,775 shares of the firm’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $194.12, for a total value of $1,509,283.00. The disclosure for this sale can be found here. Insiders sold a total of 486,325 shares of company stock valued at $110,320,931 over the last ninety days. 28.09% of the stock is currently owned by company insiders.
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Arista Networks Company Profile
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.
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