Renaissance Technologies LLC Has $8.19 Million Stake in Arista Networks, Inc. $ANET

Renaissance Technologies LLC reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 91.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 66,740 shares of the technology company’s stock after selling 708,100 shares during the quarter. Renaissance Technologies LLC’s holdings in Arista Networks were worth $8,194,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Main Street Group LTD acquired a new position in shares of Arista Networks during the 1st quarter valued at about $26,000. Sankala Group LLC acquired a new stake in Arista Networks in the 4th quarter worth approximately $27,000. Prosperity Bancshares Inc acquired a new stake in Arista Networks in the 4th quarter worth approximately $28,000. Ameliora Wealth Management Ltd. bought a new stake in Arista Networks during the fourth quarter worth approximately $30,000. Finally, Hilton Head Capital Partners LLC boosted its position in Arista Networks by 184.9% during the first quarter. Hilton Head Capital Partners LLC now owns 245 shares of the technology company’s stock worth $30,000 after purchasing an additional 159 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling

In other Arista Networks news, insider Kenneth Duda sold 32,000 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $140.08, for a total value of $4,482,560.00. Following the sale, the insider directly owned 12,976 shares in the company, valued at $1,817,678.08. This trade represents a 71.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Andreas Bechtolsheim sold 260,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $165.57, for a total transaction of $43,048,200.00. Following the transaction, the insider owned 182,543,048 shares in the company, valued at approximately $30,223,652,457.36. The trade was a 0.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 2,300,316 shares of company stock valued at $382,160,575. 2.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ANET shares. Bank of America lifted their price target on shares of Arista Networks from $185.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, June 8th. Weiss Ratings downgraded shares of Arista Networks from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of Arista Networks to a “buy” rating in a research note on Wednesday, June 10th. Erste Group Bank upgraded shares of Arista Networks from a “hold” rating to a “buy” rating in a report on Wednesday, July 15th. Finally, Zacks Research lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $189.74.

Arista Networks Stock Up 2.8%

Shares of ANET stock opened at $185.33 on Tuesday. Arista Networks, Inc. has a 12 month low of $114.52 and a 12 month high of $189.82. The firm has a market cap of $233.36 billion, a PE ratio of 63.47, a price-to-earnings-growth ratio of 2.77 and a beta of 1.60. The stock has a 50 day moving average of $168.02 and a 200-day moving average of $150.69.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.06. The company had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.62 billion. Arista Networks had a return on equity of 30.10% and a net margin of 38.32%.Arista Networks’s revenue for the quarter was up 35.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.65 earnings per share. As a group, equities analysts predict that Arista Networks, Inc. will post 3.28 EPS for the current fiscal year.

Arista Networks Company 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.