Exchange Traded Concepts LLC Buys 1,948 Shares of Arista Networks, Inc. (NYSE:ANET)

Exchange Traded Concepts LLC raised its stake in Arista Networks, Inc. (NYSE:ANET) by 14.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 15,652 shares of the technology company’s stock after acquiring an additional 1,948 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Arista Networks were worth $6,008,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. UniSuper Management Pty Ltd raised its stake in Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after buying an additional 6,133 shares during the period. Central Pacific Bank Trust Division bought a new stake in shares of Arista Networks during the first quarter valued at approximately $1,405,000. M&G Plc acquired a new position in shares of Arista Networks during the first quarter worth approximately $3,238,000. Nordea Investment Management AB lifted its holdings in shares of Arista Networks by 32.5% in the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock worth $7,810,000 after purchasing an additional 6,578 shares in the last quarter. Finally, Deepwater Asset Management LLC acquired a new stake in Arista Networks in the 2nd quarter valued at $15,084,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET stock opened at $416.93 on Monday. The firm has a market cap of $130.65 billion, a price-to-earnings ratio of 58.07, a P/E/G ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $417.71. The firm’s 50-day simple moving average is $359.35 and its two-hundred day simple moving average is $327.93.

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

Analysts Set New Price Targets

A number of research firms have weighed in on ANET. Wells Fargo & Company raised their price objective 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. Citigroup raised their price target on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Bank of America boosted their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Evercore ISI raised their target price on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Finally, KeyCorp upped their price target on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $369.50.

Insider Buying and Selling at Arista Networks

In related news, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Marc Taxay sold 628 shares of the firm’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $342.28, for a total transaction of $684,560.00. Following the sale, the director now directly owns 50,946 shares in the company, valued at $17,437,796.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 58,197 shares of company stock worth $21,326,894 over the last ninety days. 3.54% of the stock is currently owned by company insiders.

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.