Keybank National Association OH lessened its holdings in Arista Networks Inc (NYSE:ANET) by 53.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,432 shares of the technology company’s stock after selling 10,669 shares during the quarter. Keybank National Association OH’s holdings in Arista Networks were worth $2,449,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in ANET. Lenox Wealth Management Inc. acquired a new position in Arista Networks in the first quarter worth $26,000. Gradient Investments LLC acquired a new position in Arista Networks in the second quarter worth $37,000. Financial Management Professionals Inc. boosted its holdings in Arista Networks by 548.0% in the second quarter. Financial Management Professionals Inc. now owns 162 shares of the technology company’s stock worth $42,000 after purchasing an additional 137 shares during the period. Whittier Trust Co. acquired a new position in Arista Networks in the first quarter worth $44,000. Finally, Valeo Financial Advisors LLC boosted its holdings in Arista Networks by 24.2% in the second quarter. Valeo Financial Advisors LLC now owns 190 shares of the technology company’s stock worth $49,000 after purchasing an additional 37 shares during the period. 58.70% of the stock is owned by hedge funds and other institutional investors.
ANET stock traded up $5.38 during trading on Friday, hitting $222.07. The company had a trading volume of 16,008 shares, compared to its average volume of 1,006,537. The firm has a market capitalization of $17.69 billion, a price-to-earnings ratio of 31.39, a P/E/G ratio of 1.40 and a beta of 1.58. The business has a 50 day moving average of $260.85 and a 200 day moving average of $271.55. Arista Networks Inc has a fifty-two week low of $187.08 and a fifty-two week high of $331.27. The company has a current ratio of 5.77, a quick ratio of 5.17 and a debt-to-equity ratio of 0.04.
Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, August 1st. The technology company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.46. The business had revenue of $608.32 million during the quarter, compared to the consensus estimate of $606.78 million. Arista Networks had a net margin of 30.86% and a return on equity of 28.76%. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.93 earnings per share. As a group, equities analysts predict that Arista Networks Inc will post 8.67 EPS for the current year.
In related news, insider Andreas Bechtolsheim sold 140,241 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $252.84, for a total value of $35,458,534.44. Following the completion of the sale, the insider now owns 16,113 shares of the company’s stock, valued at $4,074,010.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Anshul Sadana sold 1,350 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $280.07, for a total transaction of $378,094.50. Following the completion of the sale, the chief operating officer now directly owns 1,783 shares of the company’s stock, valued at approximately $499,364.81. The disclosure for this sale can be found here. Insiders sold 212,180 shares of company stock valued at $53,764,851 in the last ninety days. Corporate insiders own 23.83% of the company’s stock.
A number of research firms have commented on ANET. Stifel Nicolaus decreased their price objective on shares of Arista Networks from $294.00 to $287.00 and set a “buy” rating for the company in a report on Friday, May 3rd. KeyCorp lifted their price objective on shares of Arista Networks from $320.00 to $350.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. They noted that the move was a valuation call. Royal Bank of Canada set a $300.00 price objective on shares of Arista Networks and gave the stock a “buy” rating in a report on Friday, July 19th. Morgan Stanley decreased their price objective on shares of Arista Networks from $300.00 to $275.00 and set an “equal weight” rating for the company in a report on Friday, June 7th. Finally, Credit Suisse Group lifted their price objective on shares of Arista Networks from $317.00 to $347.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Eight equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Arista Networks currently has an average rating of “Buy” and a consensus price target of $308.78.
About Arista Networks
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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