Gilder Gagnon Howe & Co. LLC lowered its position in shares of Arista Networks Inc (NYSE:ANET) by 3.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 386,612 shares of the technology company’s stock after selling 15,776 shares during the quarter. Gilder Gagnon Howe & Co. LLC owned 0.51% of Arista Networks worth $81,200,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the business. Cipher Capital LP purchased a new position in Arista Networks during the second quarter valued at approximately $3,110,000. Quantamental Technologies LLC purchased a new position in shares of Arista Networks in the second quarter worth $798,000. APG Asset Management N.V. lifted its holdings in shares of Arista Networks by 14.1% in the second quarter. APG Asset Management N.V. now owns 80,733 shares of the technology company’s stock worth $15,097,000 after buying an additional 10,000 shares in the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Arista Networks by 2,378.8% in the second quarter. Baird Financial Group Inc. now owns 210,797 shares of the technology company’s stock worth $42,876,000 after buying an additional 202,293 shares in the last quarter. Finally, First Republic Investment Management Inc. lifted its holdings in shares of Arista Networks by 34.0% in the second quarter. First Republic Investment Management Inc. now owns 2,402 shares of the technology company’s stock worth $504,000 after buying an additional 610 shares in the last quarter. 62.49% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Arista Networks from $215.00 to $230.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 5th. Wolfe Research initiated coverage on shares of Arista Networks in a research report on Friday, July 24th. They issued a “market perform” rating on the stock. Citigroup boosted their price target on shares of Arista Networks from $245.00 to $290.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Needham & Company LLC restated a “hold” rating on shares of Arista Networks in a research report on Wednesday, August 5th. Finally, Oppenheimer restated a “hold” rating on shares of Arista Networks in a research report on Wednesday, August 5th. Twenty analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Arista Networks currently has an average rating of “Hold” and an average target price of $218.12.
Shares of ANET stock traded down $5.72 during mid-day trading on Friday, hitting $211.10. 815,354 shares of the stock traded hands, compared to its average volume of 748,852. The stock has a market cap of $16.05 billion, a P/E ratio of 22.46, a P/E/G ratio of 3.09 and a beta of 1.05. The stock’s fifty day moving average is $229.27 and its two-hundred day moving average is $214.35. Arista Networks Inc has a 52-week low of $156.63 and a 52-week high of $267.30.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported $2.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.95 by $0.16. The business had revenue of $540.60 million during the quarter, compared to analyst estimates of $530.56 million. Arista Networks had a net margin of 34.67% and a return on equity of 22.29%. The company’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.44 earnings per share. As a group, sell-side analysts expect that Arista Networks Inc will post 7.47 earnings per share for the current fiscal year.
In related news, Director Nikos Theodosopoulos sold 1,250 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $220.86, for a total value of $276,075.00. Following the completion of the transaction, the director now directly owns 586 shares of the company’s stock, valued at approximately $129,423.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $232.51, for a total transaction of $2,325,100.00. Following the completion of the transaction, the senior vice president now directly owns 16,302 shares of the company’s stock, valued at $3,790,378.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,739 shares of company stock valued at $17,422,277. Insiders own 23.77% of the company’s stock.
Arista Networks 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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