Westpac Banking Corp decreased its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 16.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,049 shares of the technology company’s stock after selling 7,278 shares during the period. Westpac Banking Corp owned 0.05% of Arista Networks worth $7,214,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Hermes Investment Management Ltd. purchased a new position in Arista Networks during the third quarter worth $7,316,000. State Board of Administration of Florida Retirement System increased its position in Arista Networks by 13.6% during the second quarter. State Board of Administration of Florida Retirement System now owns 65,336 shares of the technology company’s stock worth $9,787,000 after buying an additional 7,827 shares in the last quarter. Federated Investors Inc. PA purchased a new position in Arista Networks during the second quarter worth $3,090,000. Janus Capital Management LLC increased its position in Arista Networks by 115.5% during the first quarter. Janus Capital Management LLC now owns 35,749 shares of the technology company’s stock worth $4,728,000 after buying an additional 19,160 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its position in Arista Networks by 105.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 17,472 shares of the technology company’s stock worth $2,617,000 after buying an additional 8,959 shares in the last quarter. 59.38% of the stock is owned by institutional investors.
In related news, insider Jayshree Ullal sold 148,989 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $173.74, for a total value of $25,885,348.86. Following the completion of the sale, the insider now directly owns 2,576 shares of the company’s stock, valued at $447,554.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $176.09, for a total value of $352,180.00. Following the completion of the sale, the senior vice president now directly owns 13,002 shares of the company’s stock, valued at $2,289,522.18. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 198,778 shares of company stock worth $34,901,741. Corporate insiders own 28.09% of the company’s stock.
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Several equities research analysts have recently issued reports on the company. Argus restated a “buy” rating on shares of Arista Networks in a report on Monday, August 7th. Jefferies Group LLC restated a “hold” rating and set a $145.00 price objective (up previously from $120.00) on shares of Arista Networks in a report on Wednesday, August 9th. BMO Capital Markets raised their price objective on Arista Networks from $190.00 to $205.00 and gave the stock a “market perform” rating in a report on Friday. They noted that the move was a valuation call. Cowen and Company restated a “buy” rating and set a $200.00 price objective on shares of Arista Networks in a report on Friday. Finally, Stifel Nicolaus restated a “hold” rating and set a $165.00 price objective (up previously from $145.00) on shares of Arista Networks in a report on Wednesday, August 9th. Fifteen investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $180.21.
Shares of Arista Networks, Inc. (NYSE ANET) opened at $201.49 on Friday. The stock has a market capitalization of $13.14 billion, a PE ratio of 43.55, a PEG ratio of 2.30 and a beta of 1.31. The company has a quick ratio of 2.60, a current ratio of 3.19 and a debt-to-equity ratio of 0.03.
Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a return on equity of 26.23% and a net margin of 25.10%. The business had revenue of $405.21 million for the quarter, compared to analyst estimates of $361.02 million. During the same period in the previous year, the company earned $0.74 earnings per share. The company’s revenue for the quarter was up 50.8% compared to the same quarter last year. analysts predict that Arista Networks, Inc. will post 4.08 EPS for the current fiscal year.
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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