Element Capital Management LLC Buys New Shares in Arista Networks, Inc. (NYSE:ANET)

Element Capital Management LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,220 shares of the technology company’s stock, valued at approximately $1,129,000.

A number of other hedge funds have also recently bought and sold shares of the stock. GQG Partners LLC acquired a new position in shares of Arista Networks during the 1st quarter worth about $881,848,000. Norges Bank acquired a new position in Arista Networks during the fourth quarter worth approximately $586,051,000. Swedbank AB bought a new stake in Arista Networks in the first quarter valued at approximately $521,767,000. Vanguard Group Inc. boosted its stake in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares during the period. Finally, TD Asset Management Inc increased its holdings in shares of Arista Networks by 145.5% during the 4th quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after acquiring an additional 471,099 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ANET has been the subject of a number of research analyst reports. UBS Group lifted their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $375.00 target price on shares of Arista Networks in a report on Wednesday, July 31st. Wells Fargo & Company increased their price target on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Morgan Stanley boosted their price objective on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Finally, Bank of America lifted their price target on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $358.63.

Insider Buying and Selling

In other Arista Networks news, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, 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 transaction of $221,339.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Kenneth Duda sold 1,689 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $321.28, for a total transaction of $542,641.92. Following the completion of the transaction, the senior vice president now owns 182,600 shares of the company’s stock, valued at approximately $58,665,728. The disclosure for this sale can be found here. Insiders sold a total of 106,989 shares of company stock worth $37,891,416 in the last three months. 3.54% of the stock is owned by corporate insiders.

Arista Networks Price Performance

NYSE ANET opened at $359.76 on Friday. The business has a fifty day moving average price of $341.07 and a two-hundred day moving average price of $313.64. The stock has a market capitalization of $113.02 billion, a PE ratio of 50.11, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $376.50.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.41 EPS. As a group, sell-side analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

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.