Deepwater Asset Management LLC Purchases Shares of 43,039 Arista Networks, Inc. (NYSE:ANET)

Deepwater Asset Management LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 43,039 shares of the technology company’s stock, valued at approximately $15,084,000. Arista Networks accounts for about 5.5% of Deepwater Asset Management LLC’s portfolio, making the stock its 4th largest holding.

Several other institutional investors have also made changes to their positions in the business. Fidelis Capital Partners LLC boosted its holdings in Arista Networks by 6.8% during the second quarter. Fidelis Capital Partners LLC now owns 2,456 shares of the technology company’s stock valued at $861,000 after purchasing an additional 156 shares in the last quarter. 1832 Asset Management L.P. lifted its position in shares of Arista Networks by 4,160.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after buying an additional 503,597 shares during the period. Mount Yale Investment Advisors LLC boosted its stake in Arista Networks by 2.2% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 1,933 shares of the technology company’s stock valued at $677,000 after buying an additional 42 shares in the last quarter. Frank Rimerman Advisors LLC grew its position in Arista Networks by 14,808.3% in the second quarter. Frank Rimerman Advisors LLC now owns 1,789 shares of the technology company’s stock valued at $627,000 after acquiring an additional 1,777 shares during the period. Finally, ProShare Advisors LLC raised its stake in Arista Networks by 6.3% during the second quarter. ProShare Advisors LLC now owns 50,774 shares of the technology company’s stock worth $17,795,000 after acquiring an additional 3,027 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Arista Networks news, SVP Marc Taxay sold 624 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the sale, the chief executive officer now directly owns 1,595,800 shares in the company, valued at approximately $569,700,600. The disclosure for this sale can be found here. Insiders have sold 107,361 shares of company stock valued at $38,024,123 in the last 90 days. 3.54% of the stock is owned by insiders.

Arista Networks Stock Performance

ANET opened at $384.46 on Friday. The company has a fifty day moving average price of $341.55 and a two-hundred day moving average price of $316.71. The firm has a market capitalization of $120.48 billion, a PE ratio of 53.55, a P/E/G ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $385.50.

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Jefferies Financial Group boosted their target price on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Evercore ISI reaffirmed an “outperform” rating and set a $400.00 price objective on shares of Arista Networks in a research note on Friday, September 13th. JPMorgan Chase & Co. lifted their target price on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Rosenblatt Securities increased their price target on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Finally, Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $358.63.

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.