Arista Networks, Inc. $ANET Stock Holdings Cut by Jackson Square Capital LLC

Jackson Square Capital LLC lowered its stake in Arista Networks, Inc. (NYSE:ANET) by 8.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 75,509 shares of the technology company’s stock after selling 6,690 shares during the quarter. Arista Networks comprises about 2.4% of Jackson Square Capital LLC’s investment portfolio, making the stock its 10th biggest position. Jackson Square Capital LLC’s holdings in Arista Networks were worth $11,002,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ANET. Norges Bank acquired a new position in shares of Arista Networks in the 2nd quarter worth approximately $1,228,177,000. AQR Capital Management LLC raised its position in Arista Networks by 153.8% in the first quarter. AQR Capital Management LLC now owns 7,719,809 shares of the technology company’s stock valued at $584,119,000 after purchasing an additional 4,678,372 shares during the period. Nordea Investment Management AB raised its position in Arista Networks by 193.3% in the second quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock valued at $721,342,000 after purchasing an additional 4,656,021 shares during the period. Holocene Advisors LP purchased a new position in shares of Arista Networks during the second quarter worth $247,451,000. Finally, Amundi grew its stake in shares of Arista Networks by 35.3% in the first quarter. Amundi now owns 8,582,109 shares of the technology company’s stock valued at $611,852,000 after buying an additional 2,240,045 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Up 5.4%

NYSE ANET opened at $131.29 on Friday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The firm has a 50 day moving average of $136.26 and a two-hundred day moving average of $127.71. The stock has a market capitalization of $165.33 billion, a PE ratio of 49.92, a price-to-earnings-growth ratio of 2.39 and a beta of 1.41.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The company’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.40 EPS. On average, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. BNP Paribas raised Arista Networks from a “hold” rating to an “outperform” rating in a research note on Thursday, September 25th. Wells Fargo & Company boosted their price target on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Evercore ISI raised their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Morgan Stanley dropped their price objective on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Barclays reiterated an “overweight” rating and set a $183.00 target price (up from $179.00) on shares of Arista Networks in a report on Wednesday, November 5th. Seventeen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $163.56.

Insider Transactions at Arista Networks

In related news, insider Kenneth Duda sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, October 17th. The stock was sold at an average price of $142.75, for a total transaction of $4,282,500.00. Following the completion of the sale, the insider owned 12,976 shares in the company, valued at $1,852,324. The trade was a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $128.09, for a total transaction of $1,024,720.00. Following the completion of the transaction, the director owned 25,784 shares in the company, valued at $3,302,672.56. This represents a 23.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 216,464 shares of company stock valued at $28,598,588. 3.39% of the stock is currently owned by corporate insiders.

Arista Networks Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.