Private Advisor Group LLC Boosts Stake in Arista Networks, Inc. (NYSE:ANET)

Private Advisor Group LLC increased its stake in Arista Networks, Inc. (NYSE:ANET) by 14.4% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,868 shares of the technology company’s stock after buying an additional 1,867 shares during the period. Private Advisor Group LLC’s holdings in Arista Networks were worth $5,706,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. UniSuper Management Pty Ltd grew its stake in shares of Arista Networks by 20.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after buying an additional 6,133 shares during the last quarter. Central Pacific Bank Trust Division bought a new position in Arista Networks in the 1st quarter valued at approximately $1,405,000. M&G Plc bought a new position in Arista Networks in the 1st quarter valued at approximately $3,238,000. Nordea Investment Management AB lifted its position in Arista Networks by 32.5% in the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after acquiring an additional 6,578 shares in the last quarter. Finally, Deepwater Asset Management LLC bought a new position in Arista Networks in the 2nd quarter valued at approximately $15,084,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET stock opened at $394.09 on Friday. The firm has a market capitalization of $123.49 billion, a PE ratio of 54.89, a PEG ratio of 3.21 and a beta of 1.07. The stock has a fifty day simple moving average of $372.10 and a two-hundred day simple moving average of $334.86. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $422.73.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.41 earnings per share. On average, sell-side analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Activity

In other news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $5,624,679.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 58,570 shares of company stock worth $21,474,782 over the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

ANET has been the topic of several analyst reports. Citigroup upped their price objective on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Wells Fargo & Company increased their price target on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. The Goldman Sachs Group increased their price target on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. UBS Group increased their price target on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Finally, Morgan Stanley raised their target price on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $369.50.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.