Victory Capital Management Inc. trimmed its holdings in Arista Networks (NYSE:ANET) by 51.9% during the first quarter, HoldingsChannel reports. The firm owned 62,735 shares of the technology company’s stock after selling 67,560 shares during the period. Victory Capital Management Inc.’s holdings in Arista Networks were worth $16,016,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Oppenheimer & Co. Inc. raised its position in shares of Arista Networks by 7.9% during the 4th quarter. Oppenheimer & Co. Inc. now owns 2,646 shares of the technology company’s stock valued at $623,000 after buying an additional 193 shares during the period. CIBC Asset Management Inc raised its position in Arista Networks by 10.4% in the fourth quarter. CIBC Asset Management Inc now owns 3,094 shares of the technology company’s stock valued at $729,000 after purchasing an additional 292 shares during the period. Bronfman E.L. Rothschild L.P. raised its position in Arista Networks by 164.5% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 484 shares of the technology company’s stock valued at $114,000 after purchasing an additional 301 shares during the period. Private Wealth Partners LLC raised its position in Arista Networks by 5.1% in the fourth quarter. Private Wealth Partners LLC now owns 7,651 shares of the technology company’s stock valued at $1,802,000 after purchasing an additional 373 shares during the period. Finally, Koch Industries Inc. raised its position in Arista Networks by 35.5% in the fourth quarter. Koch Industries Inc. now owns 1,471 shares of the technology company’s stock valued at $347,000 after purchasing an additional 385 shares during the period. 53.29% of the stock is currently owned by institutional investors and hedge funds.
NYSE ANET opened at $248.09 on Monday. The stock has a market cap of $18.46 billion, a P/E ratio of 53.35, a PEG ratio of 1.88 and a beta of 1.50. Arista Networks has a 52-week low of $141.05 and a 52-week high of $311.67. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.20 and a quick ratio of 4.61.
Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, May 3rd. The technology company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.20. The firm had revenue of $472.49 million during the quarter, compared to analysts’ expectations of $462.11 million. Arista Networks had a net margin of 27.19% and a return on equity of 27.23%. sell-side analysts predict that Arista Networks will post 6.25 EPS for the current fiscal year.
In related news, SVP Kenneth Duda sold 11,000 shares of the stock in a transaction dated Thursday, May 10th. The shares were sold at an average price of $260.67, for a total transaction of $2,867,370.00. Following the completion of the transaction, the senior vice president now directly owns 834 shares of the company’s stock, valued at $217,398.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anshul Sadana sold 16,444 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $243.76, for a total transaction of $4,008,389.44. Following the transaction, the insider now directly owns 58,397 shares of the company’s stock, valued at $14,234,852.72. The disclosure for this sale can be found here. Insiders have sold 88,666 shares of company stock valued at $23,677,125 over the last three months. 24.95% of the stock is currently owned by corporate insiders.
A number of brokerages have issued reports on ANET. Credit Suisse Group began coverage on Arista Networks in a research report on Wednesday, May 9th. They issued a “buy” rating and a $303.00 target price on the stock. JPMorgan Chase reissued a “hold” rating on shares of Arista Networks in a research report on Tuesday, May 8th. KeyCorp boosted their target price on Arista Networks from $295.00 to $305.00 and gave the company an “overweight” rating in a research report on Friday, May 4th. Royal Bank of Canada cut their target price on Arista Networks to $280.00 and set an “outperform” rating on the stock in a research report on Friday, May 4th. Finally, Citigroup cut their target price on Arista Networks from $340.00 to $300.00 and set a “buy” rating on the stock in a research report on Friday, May 4th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Arista Networks has an average rating of “Buy” and an average target price of $262.01.
About Arista Networks
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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