Mengis Capital Management Inc. Purchases New Position in Arista Networks Inc (NYSE:ANET)

Mengis Capital Management Inc. purchased a new stake in shares of Arista Networks Inc (NYSE:ANET) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,000 shares of the technology company’s stock, valued at approximately $238,000.

Several other hedge funds have also made changes to their positions in ANET. Strategic Blueprint LLC purchased a new stake in Arista Networks in the 3rd quarter worth approximately $35,000. Meeder Asset Management Inc. lifted its stake in Arista Networks by 1,281.8% in the 3rd quarter. Meeder Asset Management Inc. now owns 152 shares of the technology company’s stock worth $36,000 after purchasing an additional 141 shares in the last quarter. Gradient Investments LLC purchased a new stake in Arista Networks in the 2nd quarter worth approximately $37,000. Golden State Wealth Management LLC purchased a new stake in Arista Networks in the 2nd quarter worth approximately $41,000. Finally, Financial Management Professionals Inc. lifted its stake in Arista Networks by 548.0% in the 2nd quarter. Financial Management Professionals Inc. now owns 162 shares of the technology company’s stock worth $42,000 after purchasing an additional 137 shares in the last quarter. Institutional investors own 58.95% of the company’s stock.

Shares of Arista Networks stock traded down $1.44 on Monday, hitting $191.17. 658,802 shares of the company traded hands, compared to its average volume of 910,672. The firm’s 50-day simple moving average is $230.47 and its 200 day simple moving average is $249.24. The company has a current ratio of 5.91, a quick ratio of 5.47 and a debt-to-equity ratio of 0.03. The company has a market cap of $14.58 billion, a P/E ratio of 27.04, a P/E/G ratio of 1.44 and a beta of 1.60. Arista Networks Inc has a 12-month low of $173.31 and a 12-month high of $331.27.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, October 31st. The technology company reported $2.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.19 by $0.50. Arista Networks had a net margin of 32.68% and a return on equity of 28.94%. The firm had revenue of $654.40 million for the quarter, compared to analysts’ expectations of $653.26 million. During the same quarter last year, the company posted $2.11 EPS. The business’s quarterly revenue was up 16.2% on a year-over-year basis. Analysts predict that Arista Networks Inc will post 8.54 earnings per share for the current year.

In related news, Director Nikos Theodosopoulos sold 1,360 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $225.31, for a total transaction of $306,421.60. Following the transaction, the director now owns 4,630 shares of the company’s stock, valued at approximately $1,043,185.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 2,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $236.93, for a total transaction of $473,860.00. Following the transaction, the senior vice president now directly owns 12,312 shares in the company, valued at approximately $2,917,082.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,110 shares of company stock worth $6,614,810. 23.83% of the stock is owned by insiders.

Several analysts have issued reports on ANET shares. Barclays set a $210.00 target price on shares of Arista Networks and gave the stock a “buy” rating in a research note on Friday, November 1st. Citigroup upgraded shares of Arista Networks to a “buy” rating and lowered their target price for the stock from $315.00 to $225.00 in a research note on Friday, November 1st. Bank of America cut shares of Arista Networks from a “buy” rating to a “neutral” rating in a research note on Friday, November 1st. MKM Partners lowered their target price on shares of Arista Networks from $275.00 to $210.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Finally, Deutsche Bank lowered their price objective on shares of Arista Networks from $230.00 to $180.00 and set a “hold” rating on the stock in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and ten have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $229.72.

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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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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