Capital Research Global Investors trimmed its position in Arista Networks, Inc. (NYSE:ANET) by 39.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 675,744 shares of the technology company’s stock after selling 439,971 shares during the quarter. Capital Research Global Investors owned 0.88% of Arista Networks worth $232,213,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp grew its holdings in Arista Networks by 1.1% in the 2nd quarter. State Street Corp now owns 2,113,208 shares of the technology company’s stock valued at $765,636,000 after buying an additional 23,814 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Arista Networks by 39.8% in the 3rd quarter. Alliancebernstein L.P. now owns 2,075,420 shares of the technology company’s stock valued at $713,197,000 after buying an additional 590,608 shares in the last quarter. Eaton Vance Management grew its holdings in Arista Networks by 6.6% in the 3rd quarter. Eaton Vance Management now owns 1,170,273 shares of the technology company’s stock valued at $402,050,000 after buying an additional 72,127 shares in the last quarter. Macquarie Group Ltd. grew its holdings in shares of Arista Networks by 0.6% during the 3rd quarter. Macquarie Group Ltd. now owns 1,059,597 shares of the technology company’s stock worth $364,119,000 after purchasing an additional 6,429 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Arista Networks by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,003,630 shares of the technology company’s stock worth $343,972,000 after purchasing an additional 31,563 shares in the last quarter. 15.51% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Jayshree Ullal sold 100,000 shares of the company’s stock in a transaction on Friday, November 19th. The shares were sold at an average price of $129.51, for a total value of $12,951,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Marc Taxay sold 6,354 shares of the company’s stock in a transaction on Wednesday, December 1st. The shares were sold at an average price of $124.07, for a total transaction of $788,340.78. The disclosure for this sale can be found here. Insiders sold a total of 752,694 shares of company stock worth $96,104,897 in the last 90 days. Corporate insiders own 22.01% of the company’s stock.
Several analysts have recently issued reports on the company. Evercore ISI increased their target price on Arista Networks from $120.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, November 2nd. Zacks Investment Research raised Arista Networks from a “hold” rating to a “buy” rating and set a $137.50 target price on the stock in a report on Friday, November 5th. Vertical Research raised Arista Networks from a “neutral” rating to a “buy” rating in a report on Thursday, January 27th. Credit Suisse Group increased their target price on Arista Networks from $166.00 to $175.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Morgan Stanley increased their target price on Arista Networks from $138.00 to $144.00 and gave the stock an “equal weight” rating in a report on Tuesday. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $135.46.
Arista Networks stock opened at $129.94 on Wednesday. The company has a market capitalization of $39.93 billion, a PE ratio of 52.71, a P/E/G ratio of 2.46 and a beta of 1.25. Arista Networks, Inc. has a 12 month low of $65.52 and a 12 month high of $148.57. The stock has a 50-day moving average price of $130.37 and a two-hundred day moving average price of $115.19.
Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Monday, February 14th. The technology company reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.09. Arista Networks had a return on equity of 20.36% and a net margin of 28.30%. The company had revenue of $824.46 million for the quarter, compared to analyst estimates of $790.40 million. During the same period in the previous year, the firm earned $0.56 earnings per share. The firm’s quarterly revenue was up 27.1% on a year-over-year basis. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.13 EPS for the current year.
Arista Networks Company Profile
Arista Networks, Inc engages in the development, marketing, and sale of cloud networking solutions. Its cloud networking solutions consist of Extensible Operating System(EOS) a set of network applications and Ethernet switching, and routing platforms. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in October 2004 and is headquartered in Santa Clara, CA.
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