Citizens Financial Group Inc. RI Buys New Shares in Arista Networks, Inc. (NYSE:ANET)

Citizens Financial Group Inc. RI purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,745 shares of the technology company’s stock, valued at approximately $612,000.

A number of other hedge funds also recently bought and sold shares of ANET. Vanguard Group Inc. lifted its position in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the last quarter. Capital World Investors lifted its holdings in Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after buying an additional 55,312 shares during the last quarter. WCM Investment Management LLC boosted its position in shares of Arista Networks by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after acquiring an additional 25,196 shares in the last quarter. GQG Partners LLC purchased a new position in shares of Arista Networks in the 1st quarter valued at about $881,848,000. Finally, Swedbank AB acquired a new stake in shares of Arista Networks during the 1st quarter worth about $521,767,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ANET. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Rosenblatt Securities boosted their price target on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Wells Fargo & Company raised their price objective on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Bank of America boosted their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $358.63.

Insider Activity

In related news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the sale, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the sale, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The disclosure for this sale can be found here. Insiders sold 107,361 shares of company stock worth $38,024,123 in the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Performance

ANET stock opened at $361.70 on Thursday. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The company has a fifty day moving average of $340.70 and a 200-day moving average of $315.34. The stock has a market capitalization of $113.34 billion, a PE ratio of 50.38, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.41 EPS. Equities analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.