Essex Investment Management Co. LLC bought a new stake in shares of Arista Networks Inc (NYSE:ANET) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,091 shares of the technology company’s stock, valued at approximately $290,000.
Several other hedge funds and other institutional investors have also made changes to their positions in ANET. Alps Advisors Inc. boosted its holdings in Arista Networks by 6.9% in the second quarter. Alps Advisors Inc. now owns 2,820 shares of the technology company’s stock worth $664,000 after purchasing an additional 183 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in Arista Networks by 6.4% in the second quarter. CIBC Asset Management Inc now owns 3,259 shares of the technology company’s stock worth $839,000 after purchasing an additional 196 shares during the last quarter. Xact Kapitalforvaltning AB boosted its holdings in Arista Networks by 1.9% in the second quarter. Xact Kapitalforvaltning AB now owns 11,263 shares of the technology company’s stock worth $2,900,000 after purchasing an additional 209 shares during the last quarter. Pennsylvania Trust Co boosted its holdings in Arista Networks by 2.4% in the second quarter. Pennsylvania Trust Co now owns 9,138 shares of the technology company’s stock worth $2,353,000 after purchasing an additional 215 shares during the last quarter. Finally, Pittenger & Anderson Inc. boosted its holdings in Arista Networks by 5.8% in the second quarter. Pittenger & Anderson Inc. now owns 4,083 shares of the technology company’s stock worth $1,051,000 after purchasing an additional 223 shares during the last quarter. 54.66% of the stock is owned by institutional investors and hedge funds.
Shares of ANET stock opened at $229.76 on Friday. The firm has a market cap of $17.44 billion, a PE ratio of 49.41, a PEG ratio of 1.71 and a beta of 1.47. Arista Networks Inc has a one year low of $177.92 and a one year high of $313.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.87 and a current ratio of 3.17.
Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, August 2nd. The technology company reported $1.93 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.43. The firm had revenue of $519.85 million for the quarter, compared to the consensus estimate of $509.62 million. Arista Networks had a net margin of 28.07% and a return on equity of 28.51%. The company’s revenue was up 28.3% on a year-over-year basis. During the same period last year, the firm earned $1.34 EPS. On average, equities analysts forecast that Arista Networks Inc will post 6.43 EPS for the current fiscal year.
ANET has been the topic of several research reports. Zacks Investment Research cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Morgan Stanley cut shares of Arista Networks from an “overweight” rating to an “equal weight” rating and set a $310.00 target price on the stock. in a report on Tuesday, September 4th. William Blair restated an “outperform” rating on shares of Arista Networks in a report on Monday, September 17th. Goldman Sachs Group cut shares of Arista Networks from a “conviction-buy” rating to a “buy” rating in a report on Thursday, October 4th. Finally, Berenberg Bank set a $350.00 target price on shares of Arista Networks and gave the stock a “buy” rating in a report on Wednesday, September 19th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $287.73.
In other news, SVP Marc Taxay sold 2,000 shares of the firm’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $260.26, for a total transaction of $520,520.00. Following the sale, the senior vice president now directly owns 15,371 shares in the company, valued at approximately $4,000,456.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Nikos Theodosopoulos sold 110 shares of the firm’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $273.27, for a total transaction of $30,059.70. Following the sale, the director now owns 2,073 shares in the company, valued at $566,488.71. The disclosure for this sale can be found here. Insiders have sold a total of 216,737 shares of company stock worth $64,326,230 over the last 90 days. Insiders own 24.95% of the company’s stock.
Arista Networks Profile
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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