Virginia Retirement Systems ET AL acquired a new position in shares of Arista Networks Inc. (NYSE:ANET) during the second quarter, Holdings Channel reports. The institutional investor acquired 21,500 shares of the company’s stock, valued at approximately $1,384,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp increased its stake in shares of Arista Networks by 5.5% in the first quarter. State Street Corp now owns 635,968 shares of the company’s stock valued at $40,130,000 after buying an additional 32,964 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Arista Networks by 315.7% in the first quarter. BlackRock Inc. now owns 3,999 shares of the company’s stock valued at $252,000 after buying an additional 3,037 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Arista Networks during the first quarter valued at $5,978,000. Smith Asset Management Group LP acquired a new stake in shares of Arista Networks during the second quarter valued at $1,124,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of Arista Networks during the first quarter valued at $1,072,000. 52.69% of the stock is owned by institutional investors.
Shares of Arista Networks Inc. (NYSE:ANET) opened at 85.88 on Wednesday. The company has a market capitalization of $5.95 billion, a price-to-earnings ratio of 42.73 and a beta of 1.14. Arista Networks Inc. has a 1-year low of $52.51 and a 1-year high of $86.32. The stock has a 50 day moving average of $80.26 and a 200-day moving average of $70.63.
Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, August 4th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.06. Arista Networks had a net margin of 15.03% and a return on equity of 20.45%. The firm had revenue of $268.70 million for the quarter, compared to analysts’ expectations of $262.98 million. During the same quarter last year, the business earned $0.54 earnings per share. The business’s revenue was up 37.4% on a year-over-year basis. Analysts forecast that Arista Networks Inc. will post $2.93 earnings per share for the current year.
Several brokerages have weighed in on ANET. Bank of America Corp. cut shares of Arista Networks from a “buy” rating to an “underperform” rating and set a $65.00 price objective for the company. in a research note on Monday, June 27th. Oppenheimer Holdings Inc. set a $90.00 price objective on shares of Arista Networks and gave the stock a “buy” rating in a research note on Friday, August 5th. Pacific Crest reiterated an “overweight” rating and issued a $90.00 price objective (down previously from $99.00) on shares of Arista Networks in a research note on Friday, July 22nd. Jefferies Group reiterated a “sell” rating and issued a $40.25 price objective on shares of Arista Networks in a research note on Friday, August 5th. Finally, Zacks Investment Research cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $78.79.
In related news, VP Mark Stephen Smith sold 5,000 shares of Arista Networks stock in a transaction on Friday, July 15th. The shares were sold at an average price of $70.04, for a total value of $350,200.00. Following the sale, the vice president now owns 1,244 shares in the company, valued at $87,129.76. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jayshree Ullal sold 105,847 shares of Arista Networks stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $79.85, for a total transaction of $8,451,882.95. The disclosure for this sale can be found here. 32.39% of the stock is currently owned by corporate insiders.
About Arista Networks
Arista Networks, Inc is a supplier of cloud networking solutions that address the needs of Internet companies, cloud service providers and next-generation data centers for enterprises. The Company’s cloud networking solutions consist of its Extensible Operating System (EOS), which is a set of network applications and its 10/25/40/50/100 Gigabit Ethernet switches.
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