Twin Capital Management Inc. Trims Stake in Arista Networks Inc (NYSE:ANET)

Twin Capital Management Inc. lowered its stake in shares of Arista Networks Inc (NYSE:ANET) by 31.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 20,135 shares of the technology company’s stock after selling 9,320 shares during the period. Twin Capital Management Inc.’s holdings in Arista Networks were worth $5,227,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ANET. Executive Wealth Management LLC grew its holdings in shares of Arista Networks by 19.9% during the second quarter. Executive Wealth Management LLC now owns 4,821 shares of the technology company’s stock valued at $1,252,000 after buying an additional 799 shares during the last quarter. Stephens Inc. AR raised its position in Arista Networks by 22.4% in the second quarter. Stephens Inc. AR now owns 1,363 shares of the technology company’s stock worth $354,000 after acquiring an additional 249 shares during the period. Coastal Investment Advisors Inc. raised its position in Arista Networks by 311.1% in the second quarter. Coastal Investment Advisors Inc. now owns 185 shares of the technology company’s stock worth $48,000 after acquiring an additional 140 shares during the period. Wedge Capital Management L L P NC raised its position in Arista Networks by 41.3% in the second quarter. Wedge Capital Management L L P NC now owns 182,881 shares of the technology company’s stock worth $47,480,000 after acquiring an additional 53,499 shares during the period. Finally, TD Asset Management Inc. raised its position in Arista Networks by 717.4% in the second quarter. TD Asset Management Inc. now owns 270,857 shares of the technology company’s stock worth $70,319,000 after acquiring an additional 237,719 shares during the period. Institutional investors own 58.70% of the company’s stock.

Shares of Arista Networks stock traded down $3.09 during trading on Thursday, hitting $216.34. The stock had a trading volume of 497,113 shares, compared to its average volume of 998,068. The company has a fifty day simple moving average of $261.62. The firm has a market capitalization of $16.59 billion, a PE ratio of 30.60, a PEG ratio of 1.36 and a beta of 1.58. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.17 and a current ratio of 5.77. Arista Networks Inc has a 12 month low of $187.08 and a 12 month high of $331.27.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 1st. The technology company reported $2.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.98 by $0.46. The firm had revenue of $608.32 million during the quarter, compared to analyst estimates of $606.78 million. Arista Networks had a net margin of 30.86% and a return on equity of 28.76%. The business’s revenue was up 17.0% on a year-over-year basis. During the same quarter last year, the business earned $1.93 EPS. Analysts forecast that Arista Networks Inc will post 8.67 earnings per share for the current year.

In other news, insider Andreas Bechtolsheim sold 140,241 shares of Arista Networks stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $252.84, for a total value of $35,458,534.44. Following the transaction, the insider now owns 16,113 shares of the company’s stock, valued at approximately $4,074,010.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 10,876 shares of Arista Networks stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $224.30, for a total transaction of $2,439,486.80. Following the completion of the transaction, the senior vice president now directly owns 1,971 shares in the company, valued at approximately $442,095.30. The disclosure for this sale can be found here. Insiders sold a total of 212,180 shares of company stock valued at $53,764,851 in the last 90 days. Company insiders own 23.83% of the company’s stock.

ANET has been the topic of several recent research reports. Needham & Company LLC decreased their price target on shares of Arista Networks to $340.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. ValuEngine cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Saturday, May 4th. JMP Securities reissued an “outperform” rating and issued a $280.00 price objective (down from $315.00) on shares of Arista Networks in a research note on Friday, August 2nd. Credit Suisse Group increased their price objective on shares of Arista Networks from $317.00 to $347.00 and gave the stock an “outperform” rating in a research note on Thursday, April 25th. Finally, Macquarie set a $325.00 price objective on shares of Arista Networks and gave the stock a “buy” rating in a research note on Friday, May 3rd. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $308.78.

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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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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