Mitsubishi UFJ Trust & Banking Corp decreased its stake in Arista Networks Inc (NYSE:ANET) by 59.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,610 shares of the technology company’s stock after selling 65,862 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.06% of Arista Networks worth $12,126,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Credit Suisse AG increased its holdings in shares of Arista Networks by 35.5% during the third quarter. Credit Suisse AG now owns 77,335 shares of the technology company’s stock worth $20,561,000 after purchasing an additional 20,274 shares during the period. Trexquant Investment LP increased its holdings in shares of Arista Networks by 72.0% during the third quarter. Trexquant Investment LP now owns 15,577 shares of the technology company’s stock worth $4,141,000 after purchasing an additional 6,523 shares during the period. Bank of Hawaii increased its holdings in shares of Arista Networks by 71.8% during the third quarter. Bank of Hawaii now owns 2,645 shares of the technology company’s stock worth $703,000 after purchasing an additional 1,105 shares during the period. FMR LLC increased its holdings in shares of Arista Networks by 4.1% during the third quarter. FMR LLC now owns 2,896,554 shares of the technology company’s stock worth $770,078,000 after purchasing an additional 115,383 shares during the period. Finally, American International Group Inc. increased its holdings in shares of Arista Networks by 825.3% during the third quarter. American International Group Inc. now owns 19,061 shares of the technology company’s stock worth $5,068,000 after purchasing an additional 17,001 shares during the period. Institutional investors own 58.54% of the company’s stock.
Several brokerages have recently commented on ANET. BMO Capital Markets raised shares of Arista Networks from a “market perform” rating to an “outperform” rating and set a $279.00 target price on the stock in a report on Wednesday, October 17th. They noted that the move was a valuation call. Stifel Nicolaus set a $275.00 target price on shares of Arista Networks and gave the stock a “buy” rating in a report on Friday, November 2nd. Zacks Investment Research raised shares of Arista Networks from a “hold” rating to a “buy” rating and set a $289.00 target price on the stock in a report on Monday, November 12th. JPMorgan Chase & Co. lowered their target price on shares of Arista Networks to $255.00 and set a “neutral” rating on the stock in a report on Thursday, October 11th. Finally, ValuEngine cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Saturday, October 6th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $295.22.
In other Arista Networks news, insider Anshul Sadana sold 1,197 shares of the business’s stock in a transaction on Wednesday, November 28th. The shares were sold at an average price of $235.00, for a total transaction of $281,295.00. Following the sale, the insider now owns 1,414 shares of the company’s stock, valued at $332,290. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 11,000 shares of the business’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $267.49, for a total transaction of $2,942,390.00. Following the sale, the senior vice president now directly owns 2,664 shares in the company, valued at approximately $712,593.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,241 shares of company stock worth $10,545,875. Insiders own 24.95% of the company’s stock.
Shares of NYSE:ANET opened at $229.73 on Wednesday. The company has a market capitalization of $17.99 billion, a P/E ratio of 49.40, a PEG ratio of 1.67 and a beta of 1.56. The company has a current ratio of 4.51, a quick ratio of 4.11 and a debt-to-equity ratio of 0.02. Arista Networks Inc has a 1 year low of $206.86 and a 1 year high of $313.37.
Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 1st. The technology company reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.21. The firm had revenue of $563.31 million for the quarter, compared to analysts’ expectations of $548.81 million. Arista Networks had a net margin of 28.05% and a return on equity of 29.06%. The company’s revenue was up 28.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.62 earnings per share. As a group, equities analysts predict that Arista Networks Inc will post 6.84 EPS for the current fiscal year.
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About Arista Networks
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company’s cloud networking solutions consist of its 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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