Park Avenue Securities LLC increased its position in shares of Arista Networks, Inc. (NYSE:ANET – Get Rating) by 6.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 3,916 shares of the technology company’s stock after purchasing an additional 244 shares during the period. Park Avenue Securities LLC’s holdings in Arista Networks were worth $367,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Asset Dedication LLC acquired a new position in Arista Networks during the first quarter worth $25,000. Riverview Trust Co acquired a new position in shares of Arista Networks in the first quarter valued at $26,000. Addison Advisors LLC acquired a new position in shares of Arista Networks in the first quarter valued at $28,000. J.W. Cole Advisors Inc. acquired a new position in shares of Arista Networks in the first quarter valued at $32,000. Finally, JFS Wealth Advisors LLC increased its holdings in shares of Arista Networks by 926.9% in the first quarter. JFS Wealth Advisors LLC now owns 267 shares of the technology company’s stock valued at $37,000 after purchasing an additional 241 shares during the last quarter. 63.82% of the stock is currently owned by institutional investors and hedge funds.
Arista Networks Stock Up 1.6 %
ANET opened at $106.28 on Wednesday. Arista Networks, Inc. has a twelve month low of $89.11 and a twelve month high of $148.57. The company has a 50-day simple moving average of $118.42 and a 200 day simple moving average of $112.05. The stock has a market capitalization of $32.34 billion, a price-to-earnings ratio of 32.78, a P/E/G ratio of 1.81 and a beta of 1.29.
Arista Networks (NYSE:ANET – Get Rating) last posted its quarterly earnings data on Monday, August 1st. The technology company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.20. Arista Networks had a net margin of 29.55% and a return on equity of 24.03%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $979.66 million. During the same quarter in the prior year, the business posted $0.56 earnings per share. Arista Networks’s revenue was up 48.7% compared to the same quarter last year. Sell-side analysts anticipate that Arista Networks, Inc. will post 3.53 EPS for the current fiscal year.
Wall Street Analyst Weigh In
ANET has been the topic of several research reports. Cowen upped their price objective on shares of Arista Networks from $154.00 to $163.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd. Barclays upgraded shares of Arista Networks from an “equal weight” rating to an “overweight” rating and set a $131.00 price objective on the stock in a report on Wednesday, September 21st. UBS Group decreased their price objective on shares of Arista Networks from $140.00 to $134.00 and set a “neutral” rating on the stock in a report on Tuesday, August 2nd. Morgan Stanley decreased their price objective on shares of Arista Networks from $125.00 to $115.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 11th. Finally, Evercore ISI boosted their target price on shares of Arista Networks from $135.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $155.95.
Insider Buying and Selling
In related news, CEO Jayshree Ullal sold 165,832 shares of the company’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $124.51, for a total transaction of $20,647,742.32. Following the completion of the sale, the chief executive officer now owns 6,311 shares of the company’s stock, valued at $785,782.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Arista Networks news, CFO Ita M. Brennan sold 19,500 shares of the business’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $129.60, for a total transaction of $2,527,200.00. Following the completion of the transaction, the chief financial officer now owns 28,500 shares of the company’s stock, valued at $3,693,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 165,832 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $124.51, for a total value of $20,647,742.32. Following the transaction, the chief executive officer now directly owns 6,311 shares of the company’s stock, valued at approximately $785,782.61. The disclosure for this sale can be found here. Insiders sold 261,569 shares of company stock valued at $32,313,351 over the last quarter. 19.59% of the stock is owned by company insiders.
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.
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