Symmetry Investments LP Takes $974,000 Position in Arista Networks, Inc. (NYSE:ANET)

Symmetry Investments LP bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,778 shares of the technology company’s stock, valued at approximately $974,000.

Several other hedge funds also recently modified their holdings of the stock. Nkcfo LLC purchased a new position in shares of Arista Networks during the second quarter valued at approximately $350,000. Pacer Advisors Inc. boosted its position in Arista Networks by 4.0% in the second quarter. Pacer Advisors Inc. now owns 34,763 shares of the technology company’s stock worth $12,184,000 after purchasing an additional 1,330 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position in Arista Networks by 5.2% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 87,623 shares of the technology company’s stock worth $30,710,000 after purchasing an additional 4,318 shares during the last quarter. AE Wealth Management LLC boosted its position in Arista Networks by 52.8% in the second quarter. AE Wealth Management LLC now owns 2,089 shares of the technology company’s stock worth $732,000 after purchasing an additional 722 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in Arista Networks by 24.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 11,156 shares of the technology company’s stock worth $3,910,000 after purchasing an additional 2,217 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

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 firm has a market cap of $120.48 billion, a price-to-earnings ratio of 53.55, a PEG ratio of 2.70 and a beta of 1.07. The business’s fifty day moving average is $341.55 and its 200 day moving average is $316.46.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company 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 EPS. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. Equities analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a research report on Wednesday, July 31st. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Evercore ISI reissued an “outperform” rating and issued a $400.00 price objective on shares of Arista Networks in a research report on Friday, September 13th. UBS Group upped their price target on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Finally, Rosenblatt Securities upped their price target on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. One 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $358.63.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Marc Taxay sold 624 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $5,624,679.72. The disclosure for this sale can be found here. Insiders have sold 107,361 shares of company stock worth $38,024,123 in the last ninety days. 3.54% of the stock is currently owned by insiders.

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.