The Manufacturers Life Insurance Company reduced its position in shares of Arista Networks Inc (NYSE:ANET) by 60.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 53,199 shares of the technology company’s stock after selling 80,875 shares during the period. The Manufacturers Life Insurance Company’s holdings in Arista Networks were worth $16,729,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lenox Wealth Management Inc. acquired a new position in Arista Networks during the first quarter worth about $26,000. Larson Financial Group LLC acquired a new position in Arista Networks during the fourth quarter worth about $25,000. FTB Advisors Inc. acquired a new position in Arista Networks during the fourth quarter worth about $26,000. Kaizen Advisory LLC acquired a new position in Arista Networks during the fourth quarter worth about $27,000. Finally, Whittier Trust Co. acquired a new position in Arista Networks during the first quarter worth about $44,000. 58.01% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Andreas Bechtolsheim sold 140,241 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $252.84, for a total transaction of $35,458,534.44. Following the sale, the insider now owns 16,113 shares in the company, valued at $4,074,010.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jayshree Ullal sold 27,250 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $299.55, for a total transaction of $8,162,737.50. Following the sale, the insider now owns 10,425 shares in the company, valued at approximately $3,122,808.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 289,730 shares of company stock worth $79,473,564. 23.83% of the stock is owned by company insiders.
ANET has been the topic of several recent analyst reports. Goldman Sachs Group upped their target price on shares of Arista Networks from $300.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Gabelli upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and set a $279.00 target price on the stock in a research report on Tuesday, February 19th. Macquarie set a $325.00 target price on shares of Arista Networks and gave the stock a “buy” rating in a research report on Friday, May 3rd. Credit Suisse Group upped their target price on shares of Arista Networks from $317.00 to $347.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Finally, Morgan Stanley lowered shares of Arista Networks from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $300.00 to $330.00 in a research report on Tuesday, April 23rd. Nine research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $312.17.
ANET stock 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. Arista Networks Inc has a 12 month low of $187.08 and a 12 month high of $331.27. The company has a current ratio of 5.34, a quick ratio of 4.70 and a debt-to-equity ratio of 0.04.
Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, May 2nd. The technology company reported $2.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.24. Arista Networks had a net margin of 30.36% and a return on equity of 29.36%. The firm had revenue of $595.42 million for the quarter, compared to analyst estimates of $595.21 million. During the same quarter last year, the business earned $1.66 earnings per share. Arista Networks’s revenue was up 26.0% compared to the same quarter last year. Equities analysts anticipate that Arista Networks Inc will post 8.4 EPS for the current fiscal year.
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Arista Networks Company 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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