TD Asset Management Inc. lifted its holdings in Arista Networks Inc (NYSE:ANET) by 717.4% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 270,857 shares of the technology company’s stock after purchasing an additional 237,719 shares during the period. TD Asset Management Inc.’s holdings in Arista Networks were worth $70,319,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Lenox Wealth Management Inc. acquired a new position in Arista Networks during the 1st quarter worth approximately $26,000. Gradient Investments LLC acquired a new position in Arista Networks during the 2nd quarter worth approximately $37,000. Financial Management Professionals Inc. grew its holdings in Arista Networks by 548.0% during the 2nd quarter. Financial Management Professionals Inc. now owns 162 shares of the technology company’s stock worth $42,000 after acquiring an additional 137 shares in the last quarter. Whittier Trust Co. acquired a new position in Arista Networks during the 1st quarter worth approximately $44,000. Finally, Valeo Financial Advisors LLC grew its holdings in Arista Networks by 24.2% during the 2nd quarter. Valeo Financial Advisors LLC now owns 190 shares of the technology company’s stock worth $49,000 after acquiring an additional 37 shares in the last quarter. Hedge funds and other institutional investors own 58.70% of the company’s stock.
In related news, insider Ita M. Brennan sold 5,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $243.94, for a total value of $1,219,700.00. Following the completion of the sale, the insider now owns 6,830 shares in the company, valued at approximately $1,666,110.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Nikos Theodosopoulos sold 110 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $247.49, for a total transaction of $27,223.90. Following the completion of the sale, the director now owns 5,833 shares of the company’s stock, valued at approximately $1,443,609.17. The disclosure for this sale can be found here. In the last quarter, insiders sold 201,304 shares of company stock valued at $51,325,365. 23.83% of the stock is owned by insiders.
Several research analysts have commented on the stock. Piper Jaffray Companies reiterated an “overweight” rating and set a $330.00 price target (down previously from $340.00) on shares of Arista Networks in a report on Friday, June 7th. Barclays assumed coverage on shares of Arista Networks in a report on Wednesday, August 7th. They set an “overweight” rating and a $284.00 price target for the company. Needham & Company LLC lowered their price target on shares of Arista Networks to $340.00 and set a “buy” rating for the company in a report on Monday, July 29th. Morgan Stanley lowered their price target on shares of Arista Networks from $300.00 to $275.00 and set an “equal weight” rating for the company in a report on Friday, June 7th. Finally, Macquarie set a $325.00 price target on shares of Arista Networks and gave the stock a “buy” rating in a report on Friday, May 3rd. Eight equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $308.78.
Shares of Arista Networks stock traded down $3.16 during trading hours on Wednesday, hitting $221.31. The company had a trading volume of 367,618 shares, compared to its average volume of 932,559. The company’s 50-day moving average price is $262.21. Arista Networks Inc has a twelve month low of $187.08 and a twelve month high of $331.27. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.17 and a current ratio of 5.77. The firm has a market cap of $17.53 billion, a P/E ratio of 31.30, a P/E/G ratio of 1.38 and a beta of 1.58.
Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, August 1st. The technology company reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.46. Arista Networks had a net margin of 30.86% and a return on equity of 28.76%. The business had revenue of $608.32 million during the quarter, compared to analysts’ expectations of $606.78 million. During the same quarter in the prior year, the business posted $1.93 EPS. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. Equities research 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.
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