Capital City Trust Co. FL bought a new position in shares of Arista Networks Inc (NYSE:ANET) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,229 shares of the technology company’s stock, valued at approximately $1,390,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Oakbrook Investments LLC boosted its position in Arista Networks by 242.2% during the third quarter. Oakbrook Investments LLC now owns 5,510 shares of the technology company’s stock worth $1,465,000 after acquiring an additional 3,900 shares during the last quarter. Foundry Partners LLC acquired a new stake in Arista Networks during the third quarter worth approximately $200,000. MERIAN GLOBAL INVESTORS UK Ltd acquired a new stake in Arista Networks during the third quarter worth approximately $1,010,000. First American Bank acquired a new stake in Arista Networks during the third quarter worth approximately $272,000. Finally, Louisiana State Employees Retirement System acquired a new stake in Arista Networks during the third quarter worth approximately $798,000. Hedge funds and other institutional investors own 54.71% of the company’s stock.
A number of equities analysts have weighed in on ANET shares. Argus lifted their price target on shares of Arista Networks to $320.00 and gave the company a “buy” rating in a report on Monday, August 6th. UBS Group began coverage on shares of Arista Networks in a report on Wednesday, September 26th. They issued a “neutral” rating and a $290.00 price target on the stock. ValuEngine lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Saturday, October 6th. Piper Jaffray Companies upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and set a $315.00 target price on the stock in a report on Monday, July 9th. Finally, JPMorgan Chase & Co. lifted their target price 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 research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $287.73.
In other news, Director Nikos Theodosopoulos sold 110 shares of the business’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $273.27, for a total value of $30,059.70. Following the completion of the sale, the director now owns 2,073 shares of the company’s stock, valued at approximately $566,488.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $260.26, for a total transaction of $520,520.00. Following the completion of the sale, the senior vice president now directly owns 15,371 shares of the company’s stock, valued at approximately $4,000,456.46. The disclosure for this sale can be found here. Insiders have sold a total of 216,820 shares of company stock worth $64,349,221 in the last ninety days. 24.95% of the stock is currently owned by insiders.
Arista Networks stock traded down $7.97 during midday trading on Thursday, hitting $230.98. 42,288 shares of the stock were exchanged, compared to its average volume of 1,104,047. Arista Networks Inc has a 1 year low of $177.92 and a 1 year high of $313.37. The company has a market capitalization of $19.89 billion, a price-to-earnings ratio of 50.73, a price-to-earnings-growth ratio of 1.95 and a beta of 1.48. 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 released its quarterly earnings results on Thursday, August 2nd. The technology company reported $1.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $519.85 million for the quarter, compared to the consensus estimate of $509.62 million. During the same quarter in the previous year, the firm posted $1.34 EPS. The firm’s quarterly revenue was up 28.3% on a year-over-year basis. Analysts forecast that Arista Networks Inc will post 6.43 earnings per share for the current fiscal year.
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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