Connor Clark & Lunn Investment Management Ltd. Sells 371,562 Shares of Arista Networks, Inc. $ANET

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 47.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 415,692 shares of the technology company’s stock after selling 371,562 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Arista Networks were worth $60,570,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Arista Networks by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 100,000,830 shares of the technology company’s stock worth $14,571,121,000 after purchasing an additional 1,007,730 shares during the period. Cresset Asset Management LLC boosted its holdings in shares of Arista Networks by 1.0% in the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock worth $2,698,362,000 after buying an additional 263,272 shares during the last quarter. Geode Capital Management LLC grew its position in Arista Networks by 0.5% during the second quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after buying an additional 128,977 shares during the period. Norges Bank purchased a new stake in Arista Networks during the second quarter worth about $1,228,177,000. Finally, Schroder Investment Management Group increased its holdings in Arista Networks by 14.8% during the second quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock worth $1,073,654,000 after buying an additional 1,350,593 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling

In other Arista Networks news, insider Kenneth Duda sold 32,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $142.44, for a total value of $4,558,080.00. Following the transaction, the insider directly owned 12,976 shares in the company, valued at $1,848,301.44. This represents a 71.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yvonne Wassenaar sold 1,815 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $132.44, for a total value of $240,378.60. Following the completion of the sale, the director directly owned 12,574 shares in the company, valued at approximately $1,665,300.56. The trade was a 12.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 196,237 shares of company stock worth $25,865,760 over the last ninety days. 3.39% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of research analyst reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $188.00 target price (up from $165.00) on shares of Arista Networks in a research note on Friday, February 13th. Rosenblatt Securities raised their price target on shares of Arista Networks from $140.00 to $165.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. UBS Group set a $200.00 price target on shares of Arista Networks in a report on Tuesday, February 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Finally, Evercore reissued an “outperform” rating and issued a $200.00 target price on shares of Arista Networks in a research report on Friday, February 13th. Seventeen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $176.88.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $138.33 on Thursday. The firm has a fifty day moving average price of $134.80 and a two-hundred day moving average price of $137.32. The company has a market cap of $173.81 billion, a price-to-earnings ratio of 50.12, a PEG ratio of 2.48 and a beta of 1.46. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.07. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the firm posted $0.66 earnings per share. The business’s quarterly revenue was up 28.9% on a year-over-year basis. Equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks Company Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.