AMP Capital Investors Ltd increased its position in shares of Arista Networks Inc (NYSE:ANET) by 16.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,515 shares of the technology company’s stock after acquiring an additional 4,575 shares during the quarter. AMP Capital Investors Ltd’s holdings in Arista Networks were worth $8,372,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Three Peaks Capital Management LLC bought a new position in Arista Networks in the first quarter valued at approximately $101,000. Group One Trading L.P. bought a new stake in shares of Arista Networks in the first quarter worth $102,000. Signet Financial Management LLC bought a new stake in shares of Arista Networks in the second quarter worth $142,000. Cerebellum GP LLC bought a new stake in shares of Arista Networks in the second quarter worth $159,000. Finally, NewSquare Capital LLC bought a new stake in shares of Arista Networks in the second quarter worth $181,000. 54.72% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on ANET shares. Zacks Investment Research raised shares of Arista Networks from a “hold” rating to a “buy” rating and set a $303.00 price objective on the stock in a research report on Tuesday, July 10th. Credit Suisse Group set a $303.00 price objective on shares of Arista Networks and gave the stock a “buy” rating in a research report on Friday, June 29th. KeyCorp reissued a “buy” rating and issued a $310.00 price objective on shares of Arista Networks in a research report on Friday, August 3rd. DA Davidson boosted their price objective on shares of Arista Networks from $300.00 to $312.00 and gave the stock a “buy” rating in a research report on Friday, August 3rd. Finally, Argus boosted their price objective on shares of Arista Networks to $320.00 and gave the stock a “buy” rating in a research report on Monday, August 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Arista Networks has a consensus rating of “Buy” and a consensus target price of $280.59.
Shares of Arista Networks stock opened at $270.06 on Friday. The stock has a market capitalization of $19.99 billion, a PE ratio of 58.28, a price-to-earnings-growth ratio of 1.96 and a beta of 1.46. Arista Networks Inc has a 52-week low of $173.67 and a 52-week high of $313.37. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.17 and a quick ratio of 2.87.
Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 2nd. The technology company reported $1.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.50 by $0.43. The company had revenue of $519.85 million during the quarter, compared to analysts’ expectations of $509.62 million. Arista Networks had a net margin of 28.07% and a return on equity of 28.51%. Arista Networks’s quarterly revenue was up 28.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.34 earnings per share. analysts anticipate that Arista Networks Inc will post 6.43 earnings per share for the current year.
In related news, CFO Ita M. Brennan sold 5,000 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $300.30, for a total transaction of $1,501,500.00. Following the completion of the sale, the chief financial officer now owns 19,886 shares of the company’s stock, valued at $5,971,765.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jayshree Ullal sold 76,659 shares of the company’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $306.41, for a total transaction of $23,489,084.19. Following the sale, the insider now directly owns 3,809 shares of the company’s stock, valued at approximately $1,167,115.69. The disclosure for this sale can be found here. Insiders have sold 216,820 shares of company stock valued at $64,777,341 in the last ninety days. 24.95% of the stock is currently owned by company insiders.
Arista Networks Profile
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its 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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