Myriad Asset Management Ltd. purchased a new position in shares of Arista Networks Inc (NYSE:ANET) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 50,000 shares of the technology company’s stock, valued at approximately $15,723,000. Arista Networks comprises about 1.4% of Myriad Asset Management Ltd.’s investment portfolio, making the stock its 23rd biggest position.
Several other large investors also recently bought and sold shares of the business. CENTRAL TRUST Co increased its position in shares of Arista Networks by 42.6% during the 1st quarter. CENTRAL TRUST Co now owns 201 shares of the technology company’s stock worth $63,000 after purchasing an additional 60 shares during the last quarter. Montag & Caldwell LLC increased its position in shares of Arista Networks by 4.5% during the 1st quarter. Montag & Caldwell LLC now owns 1,410 shares of the technology company’s stock worth $443,000 after purchasing an additional 61 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Arista Networks by 0.6% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,580 shares of the technology company’s stock worth $2,229,000 after purchasing an additional 64 shares during the last quarter. Malaga Cove Capital LLC increased its position in shares of Arista Networks by 2.8% during the 1st quarter. Malaga Cove Capital LLC now owns 2,530 shares of the technology company’s stock worth $796,000 after purchasing an additional 70 shares during the last quarter. Finally, First United Bank Trust increased its position in shares of Arista Networks by 1.4% during the 4th quarter. First United Bank Trust now owns 5,156 shares of the technology company’s stock worth $1,086,000 after purchasing an additional 71 shares during the last quarter. 57.15% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on the company. Goldman Sachs Group boosted their target price on Arista Networks from $300.00 to $360.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Zacks Investment Research lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 16th. Morgan Stanley lowered Arista Networks from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $300.00 to $330.00 in a report on Tuesday, April 23rd. Credit Suisse Group boosted their target price on Arista Networks from $317.00 to $347.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Finally, Nomura boosted their target price on Arista Networks from $275.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Nine analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $314.13.
NYSE ANET traded down $1.77 on Wednesday, reaching $247.11. The stock had a trading volume of 18,401 shares, compared to its average volume of 1,250,513. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.34 and a quick ratio of 4.70. Arista Networks Inc has a 1-year low of $187.08 and a 1-year high of $331.27. The firm has a market cap of $18.97 billion, a price-to-earnings ratio of 35.09, a P/E/G ratio of 1.52 and a beta of 1.47.
Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, May 2nd. The technology company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.24. Arista Networks had a return on equity of 29.36% and a net margin of 30.36%. The firm had revenue of $595.42 million for the quarter, compared to analyst estimates of $595.21 million. During the same period in the prior year, the firm posted $1.66 EPS. The company’s revenue for the quarter was up 26.0% on a year-over-year basis. On average, equities analysts anticipate that Arista Networks Inc will post 8.43 earnings per share for the current fiscal year.
In other news, insider John F. Mccool sold 83 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $323.00, for a total transaction of $26,809.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 32,394 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $286.58, for a total value of $9,283,472.52. Following the sale, the chief executive officer now owns 10,425 shares of the company’s stock, valued at $2,987,596.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 245,315 shares of company stock worth $72,716,903. Insiders own 23.83% of the company’s stock.
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, including universal leaf, spline, and universal spine products.
Featured Story: Straddles
Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks Inc (NYSE:ANET).
Receive News & Ratings for Arista Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks and related companies with MarketBeat.com's FREE daily email newsletter.