Pacer Advisors Inc. increased its position in Arista Networks Inc (NYSE:ANET) by 16.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,384 shares of the technology company’s stock after acquiring an additional 1,787 shares during the period. Pacer Advisors Inc.’s holdings in Arista Networks were worth $2,601,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Capital Advisory Group Advisory Services LLC purchased a new position in Arista Networks during the first quarter valued at $34,000. Pearl River Capital LLC purchased a new position in Arista Networks during the first quarter valued at $35,000. Eudaimonia Partners LLC purchased a new position in Arista Networks during the first quarter valued at $39,000. SeaBridge Investment Advisors LLC lifted its position in Arista Networks by 100.0% during the second quarter. SeaBridge Investment Advisors LLC now owns 200 shares of the technology company’s stock valued at $42,000 after purchasing an additional 100 shares in the last quarter. Finally, EPG Wealth Management LLC purchased a new position in Arista Networks during the first quarter valued at $42,000. 61.56% of the stock is owned by institutional investors.
Several equities analysts recently weighed in on ANET shares. Citigroup lifted their target price on Arista Networks from $200.00 to $245.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Nomura Instinet lifted their target price on Arista Networks from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Nomura boosted their price objective on Arista Networks from $180.00 to $190.00 in a research report on Wednesday, May 6th. Rosenblatt Securities boosted their price objective on Arista Networks from $200.00 to $235.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Finally, ValuEngine downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Friday, May 1st. Twenty equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $215.04.
In other news, COO Anshul Sadana sold 10,790 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $230.12, for a total transaction of $2,482,994.80. Following the transaction, the chief operating officer now owns 6,704 shares of the company’s stock, valued at $1,542,724.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Nikos Theodosopoulos sold 1,360 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $224.50, for a total value of $305,320.00. Following the transaction, the director now directly owns 4,360 shares in the company, valued at approximately $978,820. The disclosure for this sale can be found here. Insiders have sold 71,041 shares of company stock worth $16,265,307 over the last three months. 23.77% of the stock is currently owned by insiders.
Shares of NYSE ANET opened at $259.77 on Friday. The business’s 50 day moving average is $221.16 and its two-hundred day moving average is $214.07. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.82 and a quick ratio of 5.37. Arista Networks Inc has a 1-year low of $156.63 and a 1-year high of $279.24. The stock has a market capitalization of $19.67 billion, a P/E ratio of 26.24, a PEG ratio of 3.88 and a beta of 1.16.
Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported $2.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.81 by $0.21. Arista Networks had a return on equity of 24.82% and a net margin of 35.61%. The company had revenue of $523.00 million for the quarter, compared to analysts’ expectations of $517.45 million. During the same period in the previous year, the firm posted $2.31 earnings per share. The firm’s revenue for the quarter was down 12.2% on a year-over-year basis. As a group, equities research analysts anticipate that Arista Networks Inc will post 7.31 earnings per share for the current fiscal year.
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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