Pennsylvania Trust Co boosted its stake in Arista Networks Inc (NYSE:ANET) by 3.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,443 shares of the technology company’s stock after buying an additional 305 shares during the quarter. Pennsylvania Trust Co’s holdings in Arista Networks were worth $2,510,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Group One Trading L.P. acquired a new position in Arista Networks in the first quarter worth $102,000. OLD Mutual Customised Solutions Proprietary Ltd. acquired a new position in Arista Networks in the second quarter worth $129,000. Signet Financial Management LLC acquired a new position in Arista Networks in the second quarter worth $142,000. Cerebellum GP LLC acquired a new position in Arista Networks in the second quarter worth $159,000. Finally, NewSquare Capital LLC acquired a new position in Arista Networks in the second quarter worth $181,000. 54.71% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have commented on the company. William Blair reissued an “outperform” rating on shares of Arista Networks in a research note on Monday, September 17th. DA Davidson boosted their price objective on Arista Networks from $300.00 to $312.00 and gave the stock a “buy” rating in a research note on Friday, August 3rd. Credit Suisse Group set a $311.00 price objective on Arista Networks and gave the stock a “buy” rating in a research note on Thursday, October 4th. Goldman Sachs Group lowered Arista Networks from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, October 4th. Finally, Zacks Investment Research raised Arista Networks from a “hold” rating to a “buy” rating and set a $303.00 price objective on the stock in a research note on Tuesday, July 10th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $288.55.
ANET stock opened at $225.79 on Thursday. The firm has a market cap of $19.89 billion, a PE ratio of 48.56, a PEG ratio of 1.95 and a beta of 1.48. Arista Networks Inc has a twelve month low of $177.92 and a twelve month high of $313.37. The company has a quick ratio of 2.87, a current ratio of 3.17 and a debt-to-equity ratio of 0.02.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 2nd. The technology company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.43. The company had revenue of $519.85 million during 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%. The firm’s quarterly revenue was up 28.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.34 earnings per share. On average, equities research analysts predict that Arista Networks Inc will post 6.43 earnings per share for the current fiscal year.
In related news, 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 value of $23,489,084.19. Following the completion of the sale, the insider now owns 3,809 shares in the company, valued at $1,167,115.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andreas Bechtolsheim sold 31,917 shares of the company’s stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $303.00, for a total value of $9,670,851.00. Following the completion of the sale, the insider now owns 4,144 shares of the company’s stock, valued at approximately $1,255,632. The disclosure for this sale can be found here. Insiders sold 205,820 shares of company stock valued at $61,827,581 in the last quarter. 24.95% of the stock is currently owned by corporate 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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