Primecap Management Co. CA Increases Holdings in Arista Networks Inc (NYSE:ANET)

Primecap Management Co. CA boosted its stake in Arista Networks Inc (NYSE:ANET) by 95.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,800 shares of the technology company’s stock after acquiring an additional 5,750 shares during the period. Primecap Management Co. CA’s holdings in Arista Networks were worth $3,711,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Westpac Banking Corp grew its stake in Arista Networks by 30.2% during the first quarter. Westpac Banking Corp now owns 3,970 shares of the technology company’s stock valued at $1,248,000 after acquiring an additional 921 shares in the last quarter. Andra AP fonden purchased a new position in Arista Networks during the first quarter valued at approximately $4,119,000. Origin Asset Management LLP grew its stake in Arista Networks by 16.2% during the first quarter. Origin Asset Management LLP now owns 70,485 shares of the technology company’s stock valued at $22,165,000 after acquiring an additional 9,850 shares in the last quarter. GWM Advisors LLC purchased a new position in Arista Networks during the first quarter valued at approximately $380,000. Finally, Berkshire Capital Holdings Inc. purchased a new position in Arista Networks during the first quarter valued at approximately $15,975,000. 58.01% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider John F. Mccool sold 83 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $323.00, for a total value of $26,809.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andreas Bechtolsheim sold 140,241 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $252.84, for a total transaction of $35,458,534.44. Following the completion of the sale, the insider now owns 16,113 shares of the company’s stock, valued at $4,074,010.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 289,730 shares of company stock valued at $79,473,564. Company insiders own 23.83% of the company’s stock.

Shares of ANET opened at $236.08 on Friday. The company has a market capitalization of $18.09 billion, a PE ratio of 33.39, a price-to-earnings-growth ratio of 1.49 and a beta of 1.62. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.34 and a quick ratio of 4.70. Arista Networks Inc has a fifty-two week low of $187.08 and a fifty-two week high of $331.27.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, May 2nd. The technology company reported $2.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.24. The firm had revenue of $595.42 million during the quarter, compared to analyst estimates of $595.21 million. Arista Networks had a net margin of 30.36% and a return on equity of 29.36%. The business’s quarterly revenue was up 26.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.66 EPS. Equities research analysts expect that Arista Networks Inc will post 8.4 earnings per share for the current year.

Several equities analysts recently commented on ANET shares. Morgan Stanley boosted their price objective on shares of Arista Networks from $265.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, March 7th. ValuEngine raised shares of Arista Networks from a “hold” rating to a “buy” rating in a research note on Thursday, March 21st. Rosenblatt Securities assumed coverage on shares of Arista Networks in a research note on Friday, March 29th. They issued a “neutral” rating and a $330.00 price target for the company. KeyCorp boosted their price target on shares of Arista Networks from $320.00 to $350.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. They noted that the move was a valuation call. Finally, Goldman Sachs Group reissued a “buy” rating and issued a $360.00 price target (up previously from $300.00) on shares of Arista Networks in a research note on Thursday, March 21st. Nine analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $312.17.

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Arista Networks Profile

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of 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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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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