Cambridge Investment Research Advisors Inc. increased its position in Arista Networks, Inc. (NYSE:ANET – Free Report) by 14.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,091 shares of the technology company’s stock after purchasing an additional 4,212 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Arista Networks were worth $5,363,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sheets Smith Wealth Management acquired a new position in shares of Arista Networks during the 1st quarter worth about $304,000. Hollencrest Capital Management acquired a new position in shares of Arista Networks during the 1st quarter worth about $30,000. TFC Financial Management Inc. grew its position in shares of Arista Networks by 131.0% during the 1st quarter. TFC Financial Management Inc. now owns 194 shares of the technology company’s stock worth $33,000 after buying an additional 110 shares during the period. McIlrath & Eck LLC grew its position in shares of Arista Networks by 139.6% during the 1st quarter. McIlrath & Eck LLC now owns 254 shares of the technology company’s stock worth $43,000 after buying an additional 148 shares during the period. Finally, Close Asset Management Ltd acquired a new position in shares of Arista Networks during the 1st quarter worth about $43,000. 67.13% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the company. Needham & Company LLC boosted their target price on Arista Networks from $195.00 to $200.00 and gave the stock a “buy” rating in a research report on Tuesday, August 1st. StockNews.com began coverage on Arista Networks in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Morgan Stanley boosted their price objective on Arista Networks from $150.00 to $185.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 1st. Bank of America boosted their price objective on Arista Networks from $190.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, September 13th. Finally, The Goldman Sachs Group boosted their price objective on Arista Networks from $193.00 to $215.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Three research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.40.
Insider Buying and Selling at Arista Networks
In other Arista Networks news, CEO Jayshree Ullal sold 13,500 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $177.04, for a total value of $2,390,040.00. Following the transaction, the chief executive officer now directly owns 1,748,200 shares of the company’s stock, valued at approximately $309,501,328. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Arista Networks news, CEO Jayshree Ullal sold 13,500 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $177.04, for a total value of $2,390,040.00. Following the transaction, the chief executive officer now directly owns 1,748,200 shares of the company’s stock, valued at approximately $309,501,328. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John F. Mccool sold 1,000 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $197.78, for a total value of $197,780.00. Following the completion of the transaction, the insider now directly owns 144 shares in the company, valued at $28,480.32. The disclosure for this sale can be found here. Insiders have sold a total of 143,212 shares of company stock valued at $26,086,688 in the last ninety days. 18.99% of the stock is currently owned by corporate insiders.
Arista Networks Trading Up 1.4 %
ANET stock opened at $180.34 on Monday. The firm has a market capitalization of $55.83 billion, a PE ratio of 33.33, a PEG ratio of 1.75 and a beta of 1.17. Arista Networks, Inc. has a 1-year low of $98.20 and a 1-year high of $198.70. The business’s 50 day simple moving average is $181.20 and its 200 day simple moving average is $165.27.
Arista Networks (NYSE:ANET – Get Free Report) last issued its quarterly earnings data on Monday, July 31st. The technology company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.29. Arista Networks had a return on equity of 31.19% and a net margin of 32.48%. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the firm posted $0.98 EPS. The company’s revenue for the quarter was up 38.7% on a year-over-year basis. As a group, sell-side analysts predict that Arista Networks, Inc. will post 5.49 EPS for the current fiscal year.
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.
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