State Board of Administration of Florida Retirement System raised its stake in shares of Arista Networks Inc (NYSE:ANET) by 0.3% in the third quarter, Holdings Channel reports. The firm owned 72,466 shares of the technology company’s stock after buying an additional 243 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Arista Networks were worth $19,266,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in ANET. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new position in shares of Arista Networks in the 2nd quarter worth approximately $129,000. Signet Financial Management LLC purchased a new position in shares of Arista Networks in the 2nd quarter worth approximately $142,000. NewSquare Capital LLC purchased a new position in shares of Arista Networks in the 2nd quarter worth approximately $181,000. Foundry Partners LLC purchased a new position in shares of Arista Networks in the 3rd quarter worth approximately $200,000. Finally, Hartford Investment Management Co. purchased a new position in shares of Arista Networks in the 2nd quarter worth approximately $204,000. Institutional investors and hedge funds own 54.32% of the company’s stock.
A number of brokerages have recently weighed in on ANET. MKM Partners boosted their target price on Arista Networks to $275.00 and gave the stock a “neutral” rating in a research note on Monday, November 5th. Citigroup upped their price objective on Arista Networks from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, November 2nd. Piper Jaffray Companies set a $320.00 price objective on Arista Networks and gave the company a “buy” rating in a research note on Friday, November 2nd. KeyCorp upped their price objective on Arista Networks from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, November 2nd. Finally, BMO Capital Markets upped their price objective on Arista Networks from $279.00 to $296.00 and gave the company an “outperform” rating in a research note on Friday, November 2nd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $291.83.
In other news, SVP Kenneth Duda sold 11,000 shares of the company’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $229.24, for a total value of $2,521,640.00. Following the transaction, the senior vice president now owns 2,664 shares of the company’s stock, valued at $610,695.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Nikos Theodosopoulos sold 110 shares of the company’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $273.27, for a total transaction of $30,059.70. Following the completion of the transaction, the director now directly owns 2,073 shares in the company, valued at approximately $566,488.71. The disclosure for this sale can be found here. In the last ninety days, insiders sold 203,820 shares of company stock worth $60,871,675. Insiders own 24.95% of the company’s stock.
Arista Networks stock opened at $244.43 on Friday. The firm has a market capitalization of $19.12 billion, a PE ratio of 52.57, a PEG ratio of 1.76 and a beta of 1.56. Arista Networks Inc has a fifty-two week low of $206.86 and a fifty-two week high of $313.37. The company has a current ratio of 4.51, a quick ratio of 4.11 and a debt-to-equity ratio of 0.02.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, November 1st. The technology company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.21. The firm had revenue of $563.31 million for the quarter, compared to analysts’ expectations of $548.81 million. Arista Networks had a net margin of 28.05% and a return on equity of 29.06%. The business’s quarterly revenue was up 28.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.62 earnings per share. As a group, sell-side analysts anticipate that Arista Networks Inc will post 6.77 earnings per share for the current year.
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Arista Networks Company Profile
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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