BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Raises Position in Arista Networks, Inc. (NYSE:ANET)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 60.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,898 shares of the technology company’s stock after buying an additional 19,227 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Arista Networks were worth $17,839,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Gateway Advisory LLC boosted its position in shares of Arista Networks by 5.1% in the second quarter. Gateway Advisory LLC now owns 2,434 shares of the technology company’s stock worth $853,000 after buying an additional 119 shares during the period. Marshall Wace LLP boosted its position in shares of Arista Networks by 56.4% in the second quarter. Marshall Wace LLP now owns 508,230 shares of the technology company’s stock worth $178,124,000 after buying an additional 183,230 shares during the period. Xponance Inc. boosted its position in shares of Arista Networks by 8.4% in the second quarter. Xponance Inc. now owns 62,965 shares of the technology company’s stock worth $22,068,000 after buying an additional 4,860 shares during the period. Bank of Montreal Can boosted its position in shares of Arista Networks by 11.4% in the second quarter. Bank of Montreal Can now owns 263,389 shares of the technology company’s stock worth $92,760,000 after buying an additional 27,052 shares during the period. Finally, Evergreen Capital Management LLC boosted its position in shares of Arista Networks by 14.2% in the second quarter. Evergreen Capital Management LLC now owns 1,676 shares of the technology company’s stock worth $587,000 after buying an additional 209 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the 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 completion of the sale, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Arista Networks news, 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 sale, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 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.

Arista Networks Stock Performance

Shares of ANET stock opened at $385.15 on Wednesday. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $390.00. The stock has a market cap of $120.69 billion, a PE ratio of 53.64, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The business’s fifty day moving average is $342.59 and its 200-day moving average is $318.42.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm earned $1.41 EPS. Equities research analysts predict that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ANET. JPMorgan Chase & Co. increased their price target on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Bank of America increased their target price on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Wells Fargo & Company increased their target price on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Finally, UBS Group increased their target price on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus price target of $363.25.

Arista Networks 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.