Prudential Financial Inc. grew its stake in Arista Networks, Inc. (NYSE:ANET) by 60.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,918 shares of the technology company’s stock after purchasing an additional 1,848 shares during the quarter. Prudential Financial Inc.’s holdings in Arista Networks were worth $737,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. LS Investment Advisors LLC bought a new stake in shares of Arista Networks in the 2nd quarter valued at $119,000. SG Americas Securities LLC acquired a new position in shares of Arista Networks during the 1st quarter worth about $164,000. Daiwa Securities Group Inc. acquired a new position in shares of Arista Networks during the 2nd quarter worth about $202,000. Clinton Group Inc. acquired a new position in shares of Arista Networks during the 1st quarter worth about $205,000. Finally, Financial Architects Inc boosted its stake in shares of Arista Networks by 17.9% during the 2nd quarter. Financial Architects Inc now owns 1,480 shares of the technology company’s stock worth $222,000 after buying an additional 225 shares during the last quarter. 59.33% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on ANET. BMO Capital Markets raised their target price on shares of Arista Networks from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, June 19th. Pacific Crest reiterated an “overweight” rating and issued a $168.00 target price (up from $145.00) on shares of Arista Networks in a research note on Sunday, June 25th. BidaskClub downgraded shares of Arista Networks from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 4th. Instinet downgraded shares of Arista Networks from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $150.00 target price on shares of Arista Networks in a report on Tuesday, July 4th. Fifteen equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Arista Networks currently has a consensus rating of “Buy” and a consensus target price of $166.49.
Shares of Arista Networks, Inc. (ANET) opened at 188.79 on Tuesday. Arista Networks, Inc. has a 12 month low of $79.05 and a 12 month high of $196.27. The firm has a 50-day moving average of $183.03 and a 200-day moving average of $158.33. The company has a market capitalization of $13.69 billion, a P/E ratio of 48.72 and a beta of 1.31.
Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The firm had revenue of $405.21 million for the quarter, compared to analysts’ expectations of $361.02 million. During the same period in the prior year, the business posted $0.74 earnings per share. The business’s revenue for the quarter was up 50.8% on a year-over-year basis. On average, equities analysts predict that Arista Networks, Inc. will post $4.70 earnings per share for the current year.
In related news, SVP Kenneth Duda sold 8,827 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $168.06, for a total value of $1,483,465.62. Following the completion of the transaction, the senior vice president now directly owns 1,202 shares of the company’s stock, valued at approximately $202,008.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jayshree Ullal sold 200,268 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $173.37, for a total transaction of $34,720,463.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 411,809 shares of company stock valued at $71,235,893. 28.09% of the stock is owned by insiders.
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Arista Networks Profile
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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