Virginia Retirement Systems ET AL lessened its stake in Arista Networks Inc (NYSE:ANET) by 43.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 39,600 shares of the technology company’s stock after selling 29,900 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Arista Networks were worth $10,281,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in Arista Networks by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 679,899 shares of the technology company’s stock worth $143,006,000 after buying an additional 15,438 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new position in Arista Networks during the fourth quarter worth $291,000. Malaga Cove Capital LLC raised its stake in Arista Networks by 2.8% during the first quarter. Malaga Cove Capital LLC now owns 2,530 shares of the technology company’s stock worth $796,000 after buying an additional 70 shares during the last quarter. Ingalls & Snyder LLC bought a new position in Arista Networks during the first quarter worth $220,000. Finally, First Citizens Bank & Trust Co. bought a new position in Arista Networks during the first quarter worth $808,000. Institutional investors and hedge funds own 57.66% of the company’s stock.
In other news, COO Anshul Sadana sold 1,350 shares of Arista Networks stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $280.07, for a total transaction of $378,094.50. Following the completion of the transaction, the chief operating officer now directly owns 1,783 shares in the company, valued at $499,364.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Nikos Theodosopoulos sold 110 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $247.49, for a total transaction of $27,223.90. Following the transaction, the director now owns 5,833 shares in the company, valued at $1,443,609.17. The disclosure for this sale can be found here. Insiders have sold 212,178 shares of company stock valued at $54,189,250 over the last quarter. Corporate insiders own 23.83% of the company’s stock.
ANET has been the subject of a number of research reports. JMP Securities restated an “outperform” rating and issued a $280.00 price target (down from $315.00) on shares of Arista Networks in a report on Friday, August 2nd. Wolfe Research upgraded shares of Arista Networks from an “underperform” rating to a “peer perform” rating in a report on Monday, May 6th. Zacks Investment Research upgraded shares of Arista Networks from a “sell” rating to a “hold” rating and set a $284.00 price target for the company in a report on Monday, July 8th. Piper Jaffray Companies restated an “overweight” rating and issued a $330.00 price target (down from $340.00) on shares of Arista Networks 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 analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Arista Networks currently has an average rating of “Buy” and an average price target of $309.91.
Shares of NYSE ANET traded down $3.82 during mid-day trading on Wednesday, reaching $232.00. 25,678 shares of the company’s stock traded hands, compared to its average volume of 854,447. The company has a market capitalization of $17.85 billion, a PE ratio of 32.92, a P/E/G ratio of 1.54 and a beta of 1.58. The business has a 50-day moving average of $264.90. Arista Networks Inc has a 1-year low of $187.08 and a 1-year 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.
Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, August 1st. The technology company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.46. The firm had revenue of $608.32 million during the quarter, compared to analysts’ expectations of $606.78 million. Arista Networks had a net margin of 30.86% and a return on equity of 28.76%. The business’s revenue was up 17.0% on a year-over-year basis. During the same period last year, the company earned $1.93 earnings per share. As a group, sell-side analysts anticipate that Arista Networks Inc will post 8.42 EPS for the current 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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