TIAA CREF Investment Management LLC cut its stake in shares of Arista Networks Inc (NYSE:ANET) by 14.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 292,475 shares of the technology company’s stock after selling 48,457 shares during the quarter. TIAA CREF Investment Management LLC owned 0.40% of Arista Networks worth $68,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in ANET. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of Arista Networks by 164.5% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 484 shares of the technology company’s stock worth $114,000 after acquiring an additional 301 shares during the last quarter. Fieldpoint Private Securities LLC bought a new stake in shares of Arista Networks in the 3rd quarter worth approximately $130,000. TRUE Private Wealth Advisors bought a new stake in shares of Arista Networks in the 4th quarter worth approximately $210,000. CrestPoint Capital Management LLC bought a new stake in shares of Arista Networks in the 4th quarter worth approximately $212,000. Finally, Northstar Asset Management LLC bought a new stake in shares of Arista Networks in the 4th quarter worth approximately $212,000. Institutional investors and hedge funds own 56.47% of the company’s stock.
A number of brokerages have recently weighed in on ANET. Vetr upgraded shares of Arista Networks from a “buy” rating to a “strong-buy” rating and set a $327.46 price objective for the company in a report on Monday. Deutsche Bank lowered shares of Arista Networks from a “hold” rating to a “sell” rating in a report on Monday. Oppenheimer boosted their price objective on shares of Arista Networks from $300.00 to $330.00 and gave the stock an “outperform” rating in a report on Friday. Citigroup boosted their price objective on shares of Arista Networks from $315.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, March 9th. Finally, Zacks Investment Research upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and set a $267.00 price objective for the company in a report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. Arista Networks has a consensus rating of “Buy” and a consensus price target of $250.60.
In related news, insider Anshul Sadana sold 24,000 shares of the company’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $256.25, for a total value of $6,150,000.00. Following the transaction, the insider now owns 80,972 shares in the company, valued at approximately $20,749,075. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 300 shares of the company’s stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $297.78, for a total transaction of $89,334.00. Following the completion of the transaction, the chief executive officer now owns 5,900 shares in the company, valued at approximately $1,756,902. The disclosure for this sale can be found here. Insiders sold a total of 98,166 shares of company stock worth $26,034,235 over the last ninety days. Insiders own 28.09% of the company’s stock.
Shares of Arista Networks Inc (NYSE:ANET) opened at $277.39 on Tuesday. The firm has a market cap of $21,698.68, a PE ratio of 51.95, a PEG ratio of 2.13 and a beta of 1.46. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.28 and a quick ratio of 3.70. Arista Networks Inc has a 1 year low of $127.63 and a 1 year high of $311.67.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, February 15th. The technology company reported $1.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.32. The firm had revenue of $467.90 million for the quarter, compared to the consensus estimate of $463.82 million. Arista Networks had a net margin of 25.71% and a return on equity of 25.86%. The company’s revenue was up 42.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 EPS. research analysts anticipate that Arista Networks Inc will post 6.01 earnings per share for the current fiscal year.
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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.
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