Smith Asset Management Group LP lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 18.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 254,308 shares of the technology company’s stock after selling 56,108 shares during the period. Arista Networks makes up 1.2% of Smith Asset Management Group LP’s portfolio, making the stock its 26th largest position. Smith Asset Management Group LP owned 0.35% of Arista Networks worth $38,110,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. LS Investment Advisors LLC purchased a new stake in shares of Arista Networks during the second quarter worth about $119,000. SG Americas Securities LLC purchased a new stake in shares of Arista Networks during the first quarter worth about $164,000. Financial Architects Inc increased its stake in shares of Arista Networks by 232.0% in the first quarter. Financial Architects Inc now owns 1,255 shares of the technology company’s stock worth $166,000 after buying an additional 877 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of Arista Networks during the second quarter worth about $202,000. Finally, Clinton Group Inc. purchased a new stake in shares of Arista Networks during the first quarter worth about $205,000. 60.84% of the stock is currently owned by institutional investors and hedge funds.
Arista Networks, Inc. (NYSE ANET) opened at 164.70 on Friday. The stock has a 50 day moving average of $155.07 and a 200 day moving average of $136.12. The company has a market cap of $11.95 billion, a PE ratio of 42.50 and a beta of 1.33. Arista Networks, Inc. has a one year low of $75.06 and a one year high of $176.50.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.15. The firm had revenue of $405.21 million for the quarter, compared to the consensus estimate of $361.02 million. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. The company’s revenue for the quarter was up 50.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 EPS. On average, analysts anticipate that Arista Networks, Inc. will post $4.68 earnings per share for the current fiscal year.
ANET has been the topic of a number of recent analyst reports. Credit Suisse Group downgraded shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $140.00 price target on the stock. in a report on Thursday, April 27th. They noted that the move was a valuation call. JMP Securities increased their price target on shares of Arista Networks from $145.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, May 15th. Needham & Company LLC reissued a “buy” rating and issued a $162.00 price target (up from $150.00) on shares of Arista Networks in a report on Friday, May 5th. Barclays PLC reissued an “overweight” rating on shares of Arista Networks in a report on Saturday, April 22nd. Finally, Gabelli reissued a “hold” rating on shares of Arista Networks in a report on Friday, April 14th. Sixteen analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $153.32.
In other news, insider Jayshree Ullal sold 148,989 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $173.74, for a total transaction of $25,885,348.86. Following the transaction, the insider now owns 2,576 shares of the company’s stock, valued at approximately $447,554.24. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Daniel Scheinman sold 833 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $151.68, for a total value of $126,349.44. Following the transaction, the director now directly owns 52,500 shares in the company, valued at approximately $7,963,200. The disclosure for this sale can be found here. In the last three months, insiders have sold 855,843 shares of company stock worth $138,552,273. Corporate insiders own 28.09% of the company’s stock.
About Arista Networks
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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