Sit Investment Associates Inc. raised its stake in Arista Networks Inc. (NYSE:ANET) by 5.3% during the second quarter, Holdings Channel reports. The institutional investor owned 47,450 shares of the company’s stock after buying an additional 2,400 shares during the period. Sit Investment Associates Inc.’s holdings in Arista Networks were worth $3,055,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Seven Eight Capital LLC purchased a new position in shares of Arista Networks during the first quarter valued at $150,000. Bank of Montreal Can purchased a new position in shares of Arista Networks during the second quarter valued at $213,000. BlackRock Inc. increased its position 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 last quarter. IBM Retirement Fund increased its position in shares of Arista Networks by 15.6% in the second quarter. IBM Retirement Fund now owns 3,939 shares of the company’s stock valued at $254,000 after buying an additional 531 shares during the last quarter. Finally, Creative Planning increased its position in shares of Arista Networks by 4.0% in the second quarter. Creative Planning now owns 4,658 shares of the company’s stock valued at $300,000 after buying an additional 177 shares during the last quarter. Institutional investors and hedge funds own 52.69% of the company’s stock.
Arista Networks Inc. (NYSE:ANET) traded up 1.59% during midday trading on Monday, hitting $86.49. The company had a trading volume of 846,062 shares. Arista Networks Inc. has a one year low of $52.51 and a one year high of $87.62. The company has a market cap of $5.99 billion, a P/E ratio of 43.03 and a beta of 1.12. The company’s 50 day moving average is $82.27 and its 200-day moving average is $72.00.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 4th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.06. The firm had revenue of $268.70 million for the quarter, compared to analyst estimates of $262.98 million. Arista Networks had a return on equity of 20.45% and a net margin of 15.03%. The company’s revenue was up 37.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 EPS. On average, equities analysts predict that Arista Networks Inc. will post $2.93 EPS for the current year.
Several research analysts recently weighed in on the stock. Bank of America Corp. downgraded shares of Arista Networks from a “buy” rating to an “underperform” rating and set a $65.00 target price for the company. in a research note on Monday, June 27th. Oppenheimer Holdings Inc. set a $90.00 target price on shares of Arista Networks and gave the company a “buy” rating in a research note on Friday, August 5th. Pacific Crest reissued an “overweight” rating and issued a $90.00 target price (down previously from $99.00) on shares of Arista Networks in a research note on Friday, July 22nd. Jefferies Group reaffirmed a “sell” rating and set a $40.25 price objective on shares of Arista Networks in a research note on Friday, August 5th. Finally, Wells Fargo & Co. reaffirmed a “positive” rating on shares of Arista Networks in a research note on Thursday. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the stock. Arista Networks has a consensus rating of “Hold” and a consensus target price of $78.79.
In other Arista Networks news, SVP Kenneth Duda sold 12,296 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $81.34, for a total value of $1,000,156.64. Following the sale, the senior vice president now owns 420 shares of the company’s stock, valued at approximately $34,162.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jayshree Ullal sold 56,279 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $80.70, for a total value of $4,541,715.30. The disclosure for this sale can be found here. 32.39% of the stock is owned by company 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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