Arista Networks Inc (ANET) Position Raised by First Republic Investment Management Inc.

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First Republic Investment Management Inc. increased its stake in Arista Networks Inc (NYSE:ANET) by 0.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 389,547 shares of the technology company’s stock after acquiring an additional 690 shares during the quarter. First Republic Investment Management Inc.’s holdings in Arista Networks were worth $100,305,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Point View Wealth Management Inc. purchased a new stake in shares of Arista Networks during the second quarter worth $515,000. Westpac Banking Corp grew its holdings in shares of Arista Networks by 586.1% during the second quarter. Westpac Banking Corp now owns 25,051 shares of the technology company’s stock worth $6,450,000 after buying an additional 21,400 shares in the last quarter. Pittenger & Anderson Inc. grew its holdings in shares of Arista Networks by 128.4% during the first quarter. Pittenger & Anderson Inc. now owns 3,860 shares of the technology company’s stock worth $985,000 after buying an additional 2,170 shares in the last quarter. American International Group Inc. grew its holdings in shares of Arista Networks by 52.3% during the first quarter. American International Group Inc. now owns 1,910 shares of the technology company’s stock worth $488,000 after buying an additional 656 shares in the last quarter. Finally, Smith Asset Management Group LP grew its holdings in shares of Arista Networks by 18.2% during the first quarter. Smith Asset Management Group LP now owns 211,517 shares of the technology company’s stock worth $54,574,000 after buying an additional 32,632 shares in the last quarter. 54.77% of the stock is owned by institutional investors.

ANET has been the subject of a number of analyst reports. Credit Suisse Group initiated coverage on shares of Arista Networks in a report on Wednesday, May 9th. They issued a “buy” rating and a $303.00 price objective for the company. ValuEngine lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, May 31st. Piper Jaffray Companies raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and set a $315.00 price objective for the company in a report on Monday, July 9th. Zacks Investment Research raised shares of Arista Networks from a “hold” rating to a “buy” rating and set a $303.00 price objective for the company in a report on Tuesday, July 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $282.00 to $287.00 and gave the company a “hold” rating in a report on Monday, July 23rd. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $280.59.

In other news, insider Andreas Bechtolsheim sold 31,917 shares of the stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $303.00, for a total transaction of $9,670,851.00. Following the sale, the insider now owns 4,144 shares of the company’s stock, valued at $1,255,632. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 transaction of $23,489,084.19. Following the sale, the insider now directly owns 3,809 shares in the company, valued at approximately $1,167,115.69. The disclosure for this sale can be found here. Insiders sold 266,820 shares of company stock worth $78,771,211 in the last ninety days. 24.95% of the stock is currently owned by corporate insiders.

NYSE ANET opened at $272.29 on Thursday. Arista Networks Inc has a 12 month low of $169.61 and a 12 month high of $313.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.87 and a current ratio of 3.17. The stock has a market capitalization of $22.37 billion, a price-to-earnings ratio of 49.91, a P/E/G ratio of 2.19 and a beta of 1.46.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, August 2nd. The technology company reported $1.93 EPS for the quarter, beating the Zacks’ consensus estimate of $1.50 by $0.43. Arista Networks had a net margin of 28.07% and a return on equity of 28.51%. The company had revenue of $519.85 million for the quarter, compared to analysts’ expectations of $509.62 million. During the same quarter in the prior year, the company posted $1.34 earnings per share. Arista Networks’s revenue for the quarter was up 28.3% compared to the same quarter last year. analysts predict that Arista Networks Inc will post 6.43 EPS for the current fiscal year.

About Arista Networks

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.

Further Reading: Hedge Funds – Risk or Reward?

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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