Financial Architects Inc increased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 17.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,480 shares of the technology company’s stock after buying an additional 225 shares during the period. Financial Architects Inc’s holdings in Arista Networks were worth $222,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in ANET. BlackRock Inc. increased its position in shares of Arista Networks by 34,238.9% in the first quarter. BlackRock Inc. now owns 1,684,322 shares of the technology company’s stock worth $222,784,000 after buying an additional 1,679,417 shares during the period. FMR LLC boosted its stake in shares of Arista Networks by 32.2% in the first quarter. FMR LLC now owns 3,288,755 shares of the technology company’s stock worth $435,004,000 after buying an additional 800,465 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Arista Networks by 12.8% in the first quarter. Vanguard Group Inc. now owns 3,514,246 shares of the technology company’s stock worth $464,830,000 after buying an additional 399,688 shares in the last quarter. Norges Bank purchased a new stake in shares of Arista Networks during the fourth quarter worth about $31,517,000. Finally, Columbus Circle Investors purchased a new stake in shares of Arista Networks during the first quarter worth about $42,580,000. 60.84% of the stock is currently owned by institutional investors and hedge funds.
Shares of Arista Networks, Inc. (NYSE ANET) traded up 0.60% during trading on Friday, hitting $165.69. 626,892 shares of the company traded hands. Arista Networks, Inc. has a 52 week low of $75.27 and a 52 week high of $176.50. The company has a market capitalization of $12.02 billion, a price-to-earnings ratio of 42.76 and a beta of 1.33. The company has a 50 day moving average price of $155.27 and a 200 day moving average price of $136.66.
Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.15. The firm had revenue of $405.21 million during the quarter, compared to analyst estimates of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The business’s quarterly revenue was up 50.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.74 EPS. On average, analysts expect that Arista Networks, Inc. will post $4.68 earnings per share for the current year.
Several brokerages have commented on ANET. Barclays PLC restated a “buy” rating and set a $161.00 price objective on shares of Arista Networks in a research report on Friday, May 5th. Needham & Company LLC reiterated a “buy” rating and set a $162.00 price target (up from $150.00) on shares of Arista Networks in a report on Friday, May 5th. CIBC reiterated a “buy” rating and set a $160.00 price target on shares of Arista Networks in a report on Friday, May 5th. Oppenheimer Holdings, Inc. set a $160.00 price target on shares of Arista Networks and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, Deutsche Bank AG set a $156.00 price target on shares of Arista Networks and gave the stock a “buy” rating in a report on Saturday, May 27th. Sixteen investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Arista Networks presently has an average rating of “Buy” and an average price target of $153.32.
In other news, insider Jayshree Ullal sold 148,989 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $173.74, for a total transaction of $25,885,348.86. Following the completion of the sale, the insider now owns 2,576 shares of the company’s stock, valued at $447,554.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel Scheinman sold 833 shares of the company’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $151.68, for a total transaction of $126,349.44. Following the sale, the director now directly owns 52,500 shares of the company’s stock, valued at approximately $7,963,200. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 855,843 shares of company stock valued at $138,552,273. Insiders own 28.09% of the company’s stock.
About Arista Networks
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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