Twin Capital Management Inc. reduced its stake in shares of Arista Networks Inc (NYSE:ANET) by 31.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,135 shares of the technology company’s stock after selling 9,320 shares during the quarter. Twin Capital Management Inc.’s holdings in Arista Networks were worth $5,227,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of ANET. Commonwealth Equity Services LLC boosted its stake in Arista Networks by 15.7% during the second quarter. Commonwealth Equity Services LLC now owns 13,694 shares of the technology company’s stock valued at $3,555,000 after buying an additional 1,854 shares in the last quarter. Swedbank lifted its stake in Arista Networks by 56.2% in the 2nd quarter. Swedbank now owns 757,942 shares of the technology company’s stock worth $196,777,000 after acquiring an additional 272,722 shares in the last quarter. Thornburg Investment Management Inc. purchased a new stake in Arista Networks in the 1st quarter worth about $18,463,000. Lido Advisors LLC acquired a new position in Arista Networks in the 1st quarter worth about $483,000. Finally, DE Burlo Group Inc. increased its position in Arista Networks by 9.1% in the 1st quarter. DE Burlo Group Inc. now owns 17,420 shares of the technology company’s stock worth $5,478,000 after purchasing an additional 1,450 shares during the last quarter. Hedge funds and other institutional investors own 58.70% of the company’s stock.
In other news, COO Anshul Sadana sold 8,325 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $280.96, for a total value of $2,338,992.00. Following the sale, the chief operating officer now directly owns 2,741 shares in the company, valued at $770,111.36. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Nikos Theodosopoulos sold 110 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $247.49, for a total value of $27,223.90. Following the sale, the director now owns 5,833 shares in the company, valued at approximately $1,443,609.17. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 212,180 shares of company stock worth $53,764,851. Corporate insiders own 23.83% of the company’s stock.
ANET has been the topic of several research reports. KeyCorp upped their target price on Arista Networks from $320.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. They noted that the move was a valuation call. Stifel Nicolaus dropped their target price on Arista Networks from $294.00 to $287.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Needham & Company LLC dropped their target price on Arista Networks to $340.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. ValuEngine lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Saturday, May 4th. Finally, Zacks Investment Research raised Arista Networks from a “sell” rating to a “hold” rating and set a $284.00 target price on the stock in a research report on Monday, July 8th. Eight investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $308.78.
Shares of Arista Networks stock traded down $3.09 during trading on Thursday, reaching $216.34. 497,113 shares of the company were exchanged, compared to its average volume of 998,068. The business’s 50-day simple moving average is $261.62. The company has a quick ratio of 5.17, a current ratio of 5.77 and a debt-to-equity ratio of 0.04. The stock has a market cap of $16.59 billion, a price-to-earnings ratio of 30.60, a price-to-earnings-growth ratio of 1.36 and a beta of 1.58. Arista Networks Inc has a twelve month low of $187.08 and a twelve month high of $331.27.
Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, August 1st. The technology company reported $2.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.98 by $0.46. The firm had revenue of $608.32 million for the quarter, compared to analyst estimates of $606.78 million. Arista Networks had a return on equity of 28.76% and a net margin of 30.86%. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.93 earnings per share. On average, analysts expect that Arista Networks Inc will post 8.67 earnings per share for the current fiscal year.
Arista Networks Company 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.
Read More: Are sell-side analysts objective?
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.