Parsec Financial Management Inc. bought a new position in shares of Arista Networks, Inc. (NYSE:ANET – Get Rating) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 1,985 shares of the technology company’s stock, valued at approximately $333,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Patton Fund Management Inc. grew its holdings in Arista Networks by 63.4% during the 1st quarter. Patton Fund Management Inc. now owns 23,125 shares of the technology company’s stock worth $3,882,000 after acquiring an additional 8,976 shares in the last quarter. Veracity Capital LLC purchased a new stake in shares of Arista Networks during the first quarter valued at about $244,000. Empowered Funds LLC lifted its position in shares of Arista Networks by 4.6% during the first quarter. Empowered Funds LLC now owns 23,398 shares of the technology company’s stock valued at $3,928,000 after buying an additional 1,019 shares during the last quarter. Empirical Finance LLC raised its position in shares of Arista Networks by 5.8% in the 1st quarter. Empirical Finance LLC now owns 6,233 shares of the technology company’s stock valued at $1,046,000 after purchasing an additional 342 shares during the last quarter. Finally, Range Financial Group LLC raised its position in shares of Arista Networks by 4.2% in the 1st quarter. Range Financial Group LLC now owns 10,096 shares of the technology company’s stock valued at $1,695,000 after purchasing an additional 406 shares during the last quarter. 67.80% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages recently commented on ANET. Bank of America increased their price objective on shares of Arista Networks from $170.00 to $190.00 in a research report on Friday. Rosenblatt Securities reiterated a “buy” rating and issued a $175.00 price target on shares of Arista Networks in a report on Wednesday, April 5th. JPMorgan Chase & Co. raised their price objective on shares of Arista Networks from $175.00 to $195.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 19th. Argus raised their price objective on shares of Arista Networks from $175.00 to $195.00 in a research note on Tuesday, May 2nd. Finally, StockNews.com assumed coverage on shares of Arista Networks in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $175.85.
Insider Buying and Selling at Arista Networks
In other news, CEO Jayshree Ullal sold 13,500 shares of Arista Networks stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $165.65, for a total transaction of $2,236,275.00. Following the transaction, the chief executive officer now owns 1,760,200 shares in the company, valued at approximately $291,577,130. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Jayshree Ullal sold 13,500 shares of Arista Networks stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $165.65, for a total transaction of $2,236,275.00. Following the transaction, the chief executive officer now owns 1,760,200 shares in the company, valued at approximately $291,577,130. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 1,040 shares of Arista Networks stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $165.65, for a total value of $172,276.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 187,286 shares of company stock worth $30,301,727. Corporate insiders own 18.99% of the company’s stock.
Arista Networks Stock Performance
Shares of ANET stock opened at $157.79 on Tuesday. The stock’s fifty day moving average is $154.06 and its two-hundred day moving average is $142.36. The firm has a market capitalization of $48.64 billion, a P/E ratio of 32.87, a PEG ratio of 2.01 and a beta of 1.27. Arista Networks, Inc. has a fifty-two week low of $90.21 and a fifty-two week high of $178.36.
Arista Networks (NYSE:ANET – Get Rating) last announced its quarterly earnings data on Monday, May 1st. The technology company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.31 billion. Arista Networks had a return on equity of 31.33% and a net margin of 31.24%. The firm’s revenue for the quarter was up 54.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 EPS. On average, equities analysts forecast that Arista Networks, Inc. will post 5.22 earnings per share for the current year.
Arista Networks Profile
Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company’s cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.