Dana Investment Advisors Inc. Grows Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Dana Investment Advisors Inc. increased its stake in Arista Networks, Inc. (NYSE:ANET) by 3.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,195 shares of the technology company’s stock after buying an additional 105 shares during the period. Dana Investment Advisors Inc.’s holdings in Arista Networks were worth $1,120,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. UniSuper Management Pty Ltd grew its stake in shares of Arista Networks by 20.3% in the first quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after acquiring an additional 6,133 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in Arista Networks during the 1st quarter valued at about $1,405,000. M&G Plc purchased a new position in Arista Networks in the first quarter worth about $3,238,000. Nordea Investment Management AB lifted its stake in shares of Arista Networks by 32.5% in the first quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock worth $7,810,000 after buying an additional 6,578 shares in the last quarter. Finally, Cim LLC purchased a new stake in shares of Arista Networks during the fourth quarter valued at approximately $2,589,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Up 0.1 %

Shares of ANET opened at $389.92 on Friday. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $395.82. The stock has a market cap of $122.19 billion, a price-to-earnings ratio of 54.31, a PEG ratio of 3.04 and a beta of 1.07. The business has a 50-day simple moving average of $350.01 and a two-hundred day simple moving average of $323.05.

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on ANET shares. Morgan Stanley upped their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Evercore ISI upped their price target on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a report on Tuesday. UBS Group lifted their price objective on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Wells Fargo & Company upped their target price on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Bank of America lifted their price target 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $364.81.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $342.28, for a total value of $684,560.00. Following the completion of the transaction, the director now owns 50,946 shares of the company’s stock, valued at $17,437,796.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Arista Networks news, insider John F. Mccool sold 580 shares of Arista Networks stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $388.37, for a total value of $225,254.60. Following the sale, the insider now directly owns 72 shares in the company, valued at approximately $27,962.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $342.28, for a total transaction of $684,560.00. Following the transaction, the director now directly owns 50,946 shares of the company’s stock, valued at approximately $17,437,796.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,361 shares of company stock worth $20,523,830. Corporate insiders own 3.54% of the company’s stock.

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.