United Services Automobile Association reduced its holdings in shares of Arista Networks Inc (NYSE:ANET) by 3.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,015 shares of the technology company’s stock after selling 715 shares during the quarter. United Services Automobile Association’s holdings in Arista Networks were worth $5,669,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in ANET. Group One Trading L.P. purchased a new stake in Arista Networks during the first quarter valued at $102,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in Arista Networks during the second quarter valued at $129,000. Signet Financial Management LLC purchased a new stake in Arista Networks during the second quarter valued at $142,000. Cerebellum GP LLC purchased a new stake in Arista Networks during the second quarter valued at $159,000. Finally, NewSquare Capital LLC purchased a new stake in Arista Networks during the second quarter valued at $181,000. 54.71% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ANET opened at $222.37 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.17 and a quick ratio of 2.87. The stock has a market capitalization of $19.89 billion, a price-to-earnings ratio of 47.82, a P/E/G ratio of 1.95 and a beta of 1.48. Arista Networks Inc has a 52 week low of $177.92 and a 52 week high of $313.37.
Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, August 2nd. The technology company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.43. The business had revenue of $519.85 million during the quarter, compared to analysts’ expectations of $509.62 million. Arista Networks had a return on equity of 28.51% and a net margin of 28.07%. The business’s quarterly revenue was up 28.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.34 earnings per share. As a group, research analysts anticipate that Arista Networks Inc will post 6.43 earnings per share for the current fiscal year.
In related news, insider Andreas Bechtolsheim sold 31,917 shares of the stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $303.00, for a total transaction of $9,670,851.00. Following the completion of the sale, the insider now owns 4,144 shares in the company, valued at $1,255,632. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jayshree Ullal sold 76,659 shares of the stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $306.41, for a total value of $23,489,084.19. Following the sale, the insider now 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. In the last 90 days, insiders sold 216,820 shares of company stock valued at $64,349,221. Company insiders own 24.95% of the company’s stock.
ANET has been the subject of a number of research reports. Deutsche Bank reiterated a “sell” rating and set a $180.00 price objective on shares of Arista Networks in a research report on Monday, September 10th. Morgan Stanley cut Arista Networks from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective for the company. in a research report on Tuesday, September 4th. William Blair reiterated an “outperform” rating on shares of Arista Networks in a research report on Monday, September 17th. JPMorgan Chase & Co. upped their price objective on Arista Networks from $282.00 to $287.00 and gave the company a “hold” rating in a research report on Monday, July 23rd. Finally, Berenberg Bank set a $350.00 price objective on Arista Networks and gave the company a “buy” rating in a research report on Wednesday, September 19th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $287.41.
Arista Networks Company 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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