Beacon Financial Group trimmed its stake in shares of Arista Networks Inc (NYSE:ANET) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,170 shares of the technology company’s stock after selling 54 shares during the quarter. Beacon Financial Group’s holdings in Arista Networks were worth $304,000 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. Norges Bank bought a new stake in shares of Arista Networks in the 4th quarter worth approximately $116,281,000. Swedbank bought a new stake in shares of Arista Networks in the 1st quarter worth approximately $152,582,000. Artisan Partners Limited Partnership bought a new stake in shares of Arista Networks in the 1st quarter worth approximately $132,213,000. FMR LLC raised its holdings in shares of Arista Networks by 25.1% in the 1st quarter. FMR LLC now owns 1,956,747 shares of the technology company’s stock worth $615,319,000 after purchasing an additional 392,021 shares in the last quarter. Finally, Scout Investments Inc. raised its holdings in shares of Arista Networks by 109.4% in the 1st quarter. Scout Investments Inc. now owns 489,326 shares of the technology company’s stock worth $153,873,000 after purchasing an additional 255,663 shares in the last quarter. Institutional investors own 57.96% of the company’s stock.
Shares of ANET opened at $267.41 on Friday. The company’s 50 day moving average is $261.07. Arista Networks Inc has a 52 week low of $187.08 and a 52 week high of $331.27. The stock has a market capitalization of $21.39 billion, a P/E ratio of 37.82, a PEG ratio of 1.77 and a beta of 1.56. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.34 and a quick ratio of 4.70.
Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, May 2nd. The technology company reported $2.31 EPS for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.24. Arista Networks had a net margin of 30.36% and a return on equity of 29.36%. The firm had revenue of $595.42 million for the quarter, compared to the consensus estimate of $595.21 million. During the same period in the previous year, the firm posted $1.66 earnings per share. The firm’s revenue was up 26.0% on a year-over-year basis. As a group, equities analysts predict that Arista Networks Inc will post 8.4 earnings per share for the current year.
ANET has been the topic of a number of research reports. Credit Suisse Group reiterated a “hold” rating and issued a $32.00 target price on shares of CRH in a report on Thursday, April 25th. Morgan Stanley set a $156.00 target price on shares of Mongodb and gave the stock a “hold” rating in a report on Friday, June 7th. KeyCorp dropped their target price on shares of PolyOne from $36.00 to $34.00 and set an “overweight” rating on the stock in a report on Thursday, April 18th. Rosenblatt Securities began coverage on shares of Arista Networks in a research report on Friday, March 29th. They issued a “neutral” rating and a $330.00 target price on the stock. Finally, ValuEngine raised shares of ZIX from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 4th. Nine investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $311.46.
In related news, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $314.93, for a total transaction of $629,860.00. Following the transaction, the senior vice president now directly owns 14,341 shares of the company’s stock, valued at $4,516,411.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Anshul Sadana sold 4,129 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $314.28, for a total transaction of $1,297,662.12. Following the transaction, the chief operating officer now directly owns 1,893 shares in the company, valued at $594,932.04. The disclosure for this sale can be found here. Insiders have sold 218,307 shares of company stock worth $56,092,192 over the last ninety days. 23.83% of the stock is currently owned by insiders.
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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