Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Arista Networks Inc (NYSE:ANET) by 11.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 219,942 shares of the technology company’s stock after buying an additional 22,818 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Arista Networks were worth $69,163,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Lenox Wealth Management Inc. bought a new position in Arista Networks during the first quarter worth $26,000. Larson Financial Group LLC bought a new position in Arista Networks during the fourth quarter worth $25,000. FTB Advisors Inc. bought a new position in Arista Networks during the fourth quarter worth $26,000. Kaizen Advisory LLC bought a new position in Arista Networks during the fourth quarter worth $27,000. Finally, Whittier Trust Co. bought a new position in Arista Networks during the first quarter worth $44,000. 58.30% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on the company. Zacks Investment Research cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 16th. KeyCorp raised their target price on Arista Networks from $320.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. They noted that the move was a valuation call. Morgan Stanley cut Arista Networks from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $300.00 to $330.00 in a research note on Tuesday, April 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $385.00 target price (up from $315.00) on shares of Arista Networks in a research note on Monday, April 29th. Finally, Nomura raised their target price on Arista Networks from $275.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, April 26th. Nine research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $314.13.
In other news, insider John F. Mccool sold 736 shares of the firm’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $279.00, for a total transaction of $205,344.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Nikos Theodosopoulos sold 110 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $247.49, for a total value of $27,223.90. Following the transaction, the director now directly owns 5,833 shares in the company, valued at $1,443,609.17. The disclosure for this sale can be found here. Insiders have sold 244,399 shares of company stock worth $72,451,824 over the last three months. Corporate insiders own 23.83% of the company’s stock.
Shares of ANET traded up $1.23 during trading hours on Friday, reaching $255.61. 14,660 shares of the company’s stock traded hands, compared to its average volume of 1,394,308. The firm has a market capitalization of $19.49 billion, a price-to-earnings ratio of 36.18, a price-to-earnings-growth ratio of 1.57 and a beta of 1.47. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.70 and a current ratio of 5.34. Arista Networks Inc has a twelve month low of $187.08 and a twelve month high of $331.27.
Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, May 2nd. The technology company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.24. The company had revenue of $595.42 million for the quarter, compared to analyst estimates of $595.21 million. Arista Networks had a return on equity of 29.36% and a net margin of 30.36%. The company’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same period last year, the company earned $1.66 earnings per share. Analysts forecast that Arista Networks Inc will post 8.43 EPS for the current fiscal year.
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About Arista Networks
Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of 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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