Profund Advisors LLC Acquires 2,470 Shares of Arista Networks, Inc. (NYSE:ANET)

Profund Advisors LLC grew its holdings in Arista Networks, Inc. (NYSE:ANET) by 16.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,516 shares of the technology company’s stock after acquiring an additional 2,470 shares during the period. Profund Advisors LLC’s holdings in Arista Networks were worth $6,139,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GQG Partners LLC purchased a new stake in shares of Arista Networks in the first quarter worth $881,848,000. Swedbank AB purchased a new stake in shares of Arista Networks in the first quarter worth $521,767,000. Vanguard Group Inc. increased its stake in shares of Arista Networks by 5.7% in the fourth 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 in the last quarter. TD Asset Management Inc increased its stake in shares of Arista Networks by 145.5% in the fourth quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after purchasing an additional 471,099 shares in the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of Arista Networks by 29.9% in the fourth quarter. Schroder Investment Management Group now owns 1,635,783 shares of the technology company’s stock worth $385,243,000 after purchasing an additional 376,478 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Citigroup increased their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. UBS Group raised their target price on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Barclays raised their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised 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. Finally, Bank of America raised their target price on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Stock Up 1.4 %

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

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

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the company’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 transaction, the chief executive officer now directly owns 1,600,800 shares in the company, valued at approximately $555,477,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jayshree Ullal sold 25,000 shares of the company’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 transaction, the chief executive officer now directly owns 1,600,800 shares in the company, valued at approximately $555,477,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 1,689 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $321.28, for a total transaction of $542,641.92. Following the transaction, the senior vice president now owns 182,600 shares in the company, valued at $58,665,728. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 107,361 shares of company stock worth $38,024,123. Insiders own 3.54% of the company’s stock.

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.