Canada Pension Plan Investment Board lowered its position in shares of Arista Networks Inc (NYSE:ANET) by 72.6% in the second quarter, HoldingsChannel reports. The firm owned 31,016 shares of the technology company’s stock after selling 82,284 shares during the period. Canada Pension Plan Investment Board’s holdings in Arista Networks were worth $7,986,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in ANET. Northstar Asset Management LLC lifted its stake in shares of Arista Networks by 196.7% in the 1st quarter. Northstar Asset Management LLC now owns 2,670 shares of the technology company’s stock valued at $681,000 after purchasing an additional 1,770 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Arista Networks by 31.7% in the 1st quarter. Wells Fargo & Company MN now owns 229,757 shares of the technology company’s stock valued at $58,658,000 after purchasing an additional 55,263 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Arista Networks by 385.3% in the 1st quarter. Daiwa Securities Group Inc. now owns 6,551 shares of the technology company’s stock valued at $1,672,000 after purchasing an additional 5,201 shares during the last quarter. ARP Americas LP bought a new stake in shares of Arista Networks in the 1st quarter valued at approximately $562,000. Finally, Stanley Laman Group Ltd. bought a new stake in shares of Arista Networks in the 1st quarter valued at approximately $5,708,000. Institutional investors and hedge funds own 54.77% of the company’s stock.
ANET opened at $302.19 on Thursday. The firm has a market cap of $22.81 billion, a price-to-earnings ratio of 50.88, a PEG ratio of 2.23 and a beta of 1.40. Arista Networks Inc has a 52 week low of $169.61 and a 52 week high of $313.37. The company has a current ratio of 3.17, a quick ratio of 2.87 and a debt-to-equity ratio of 0.02.
Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, August 2nd. The technology company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.50 by $0.43. The company had revenue of $519.85 million for the quarter, compared to the consensus estimate of $509.62 million. Arista Networks had a return on equity of 28.51% and a net margin of 28.07%. Arista Networks’s quarterly revenue was up 28.3% on a year-over-year basis. During the same period last year, the business posted $1.34 EPS. equities research analysts forecast that Arista Networks Inc will post 6.43 EPS for the current fiscal year.
ANET has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price target on Arista Networks from $282.00 to $287.00 and gave the stock a “hold” rating in a report on Monday, July 23rd. Barclays reiterated a “buy” rating on shares of Arista Networks in a report on Friday, May 4th. Piper Jaffray Companies upgraded Arista Networks from a “neutral” rating to an “overweight” rating and set a $315.00 price target on the stock in a report on Monday, July 9th. Deutsche Bank reiterated a “sell” rating and issued a $180.00 price target (down from $195.00) on shares of Arista Networks in a report on Friday, May 4th. Finally, Loop Capital increased their price target on Arista Networks to $260.00 and gave the stock a “hold” rating in a report on Friday, August 3rd. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $280.59.
In other Arista Networks news, SVP Marc Taxay sold 2,000 shares of the stock in a transaction on Friday, June 1st. The stock was sold at an average price of $256.84, for a total transaction of $513,680.00. Following the sale, the senior vice president now owns 15,371 shares of the company’s stock, valued at approximately $3,947,887.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John F. Mccool sold 1,218 shares of the stock in a transaction on Monday, June 4th. The shares were sold at an average price of $265.00, for a total value of $322,770.00. The disclosure for this sale can be found here. Insiders have sold a total of 320,038 shares of company stock worth $93,531,661 over the last 90 days. 24.95% of the stock is currently owned by company insiders.
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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