Strategic Advisors LLC Makes New Investment in Arista Networks, Inc. (NYSE:ANET)

Strategic Advisors LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,717 shares of the technology company’s stock, valued at approximately $1,043,000.

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

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total value of $7,893,800.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,280,374.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,280,374.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Marc Taxay sold 628 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,197 shares of company stock worth $21,326,894. 3.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

ANET has been the subject of a number of analyst reports. KeyCorp raised their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Evercore ISI raised their price objective on Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Needham & Company LLC restated a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a research report on Wednesday, July 31st. Morgan Stanley raised their price objective on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Finally, Bank of America lifted 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $369.50.

Arista Networks Stock Up 0.4 %

ANET stock traded up $1.79 during midday trading on Thursday, hitting $408.72. The company’s stock had a trading volume of 613,881 shares, compared to its average volume of 2,244,361. The stock’s 50-day moving average price is $355.96 and its 200 day moving average price is $326.09. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $410.71. The stock has a market cap of $128.08 billion, a price-to-earnings ratio of 56.40, a PEG ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last issued its 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. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the company posted $1.41 earnings per share. The business’s revenue was up 15.9% on a year-over-year basis. As a group, equities analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

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.