Arista Networks, Inc. (NYSE:ANET) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board reduced its position in Arista Networks, Inc. (NYSE:ANET) by 37.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,626 shares of the technology company’s stock after selling 50,006 shares during the period. Canada Pension Plan Investment Board’s holdings in Arista Networks were worth $28,959,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ANET. Vanguard Group Inc. raised its position in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares during the last quarter. Capital World Investors raised its position in shares of 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 purchasing an additional 55,312 shares during the last quarter. WCM Investment Management LLC lifted its stake in Arista Networks by 0.8% in the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after buying an additional 25,196 shares in the last quarter. GQG Partners LLC acquired a new stake in Arista Networks during the 1st quarter valued at $881,848,000. Finally, Swedbank AB purchased a new position in Arista Networks during the first quarter worth $521,767,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction dated 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 approximately $555,477,600. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the sale, the director now directly owns 2,726 shares in the company, valued at $883,278.52. The sale 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 business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00. Following the completion of the transaction, the chief executive officer now owns 1,600,800 shares in the company, valued at approximately $555,477,600. The disclosure for this sale can be found here. Insiders sold 107,361 shares of company stock valued at $38,024,123 over the last quarter. Company insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Rosenblatt Securities increased their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Barclays lifted their price target on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. upped their price objective 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. Bank of America lifted their target price on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Finally, Evercore ISI reissued an “outperform” rating and set a $400.00 price target on shares of Arista Networks in a research note on Friday, September 13th. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Stock Performance

NYSE ANET opened at $384.46 on Monday. The firm has a market capitalization of $120.48 billion, a price-to-earnings ratio of 53.55, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $385.50. The company’s 50 day moving average price is $341.55 and its 200 day moving average price is $316.93.

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

Arista Networks Company Profile

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.