Candriam Luxembourg S.C.A. raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 6.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,293 shares of the technology company’s stock after buying an additional 1,237 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Arista Networks were worth $3,190,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. World Asset Management Inc raised its stake in Arista Networks by 18.2% in the second quarter. World Asset Management Inc now owns 2,150 shares of the technology company’s stock worth $322,000 after buying an additional 331 shares during the period. Daiwa Securities Group Inc. acquired a new stake in Arista Networks during the second quarter worth about $202,000. Lebenthal Lisanti Capital Growth LLC acquired a new stake in Arista Networks during the second quarter worth about $600,000. Great West Life Assurance Co. Can raised its stake in Arista Networks by 230.7% in the second quarter. Great West Life Assurance Co. Can now owns 15,566 shares of the technology company’s stock worth $2,328,000 after buying an additional 10,859 shares during the period. Finally, Harbour Capital Advisors LLC raised its stake in Arista Networks by 13,502.2% in the second quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock worth $8,200,000 after buying an additional 1,219,248 shares during the period. 60.83% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks, Inc. (ANET) traded up 0.56% during midday trading on Friday, hitting $172.01. The stock had a trading volume of 651,891 shares. The company has a 50-day moving average of $157.54 and a 200-day moving average of $139.45. The stock has a market cap of $12.48 billion, a price-to-earnings ratio of 44.39 and a beta of 1.33. Arista Networks, Inc. has a 1-year low of $76.01 and a 1-year high of $176.50.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. The company had revenue of $405.21 million during the quarter, compared to analysts’ expectations of $361.02 million. During the same period in the prior year, the company earned $0.74 EPS. Arista Networks’s revenue was up 50.8% compared to the same quarter last year. Equities research analysts forecast that Arista Networks, Inc. will post $4.69 EPS for the current year.

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A number of analysts have issued reports on the company. JMP Securities reaffirmed an “outperform” rating and issued a $185.00 target price (up previously from $155.00) on shares of Arista Networks in a report on Tuesday. William Blair reiterated an “outperform” rating on shares of Arista Networks in a research report on Monday, August 14th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $180.00 price objective (up previously from $160.00) on shares of Arista Networks in a research report on Wednesday, August 9th. Jefferies Group LLC reiterated a “hold” rating and issued a $145.00 price objective (up previously from $120.00) on shares of Arista Networks in a research report on Wednesday, August 9th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $165.00 price objective (up previously from $145.00) on shares of Arista Networks in a research report on Wednesday, August 9th. Sixteen research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $154.40.

In other news, insider Jayshree Ullal sold 59,186 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $147.68, for a total value of $8,740,588.48. Following the completion of the transaction, the insider now directly owns 2,576 shares in the company, valued at approximately $380,423.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 8,827 shares of the stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $168.06, for a total value of $1,483,465.62. Following the completion of the transaction, the senior vice president now owns 1,202 shares of the company’s stock, valued at $202,008.12. The disclosure for this sale can be found here. Insiders sold a total of 739,882 shares of company stock valued at $121,473,046 over the last quarter. 28.09% of the stock is owned by corporate insiders.

About Arista Networks

Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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