Arista Networks, Inc. (ANET) Stake Decreased by IFP Advisors Inc
IFP Advisors Inc cut its stake in Arista Networks, Inc. (NYSE:ANET) by 23.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,301 shares of the technology company’s stock after selling 396 shares during the period. IFP Advisors Inc’s holdings in Arista Networks were worth $195,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of ANET. LS Investment Advisors LLC acquired a new stake in shares of Arista Networks during the second quarter valued at $119,000. SG Americas Securities LLC acquired a new stake in shares of Arista Networks during the first quarter valued at $164,000. Financial Architects Inc increased its stake in shares of Arista Networks by 232.0% in the first quarter. Financial Architects Inc now owns 1,255 shares of the technology company’s stock valued at $166,000 after buying an additional 877 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of Arista Networks during the second quarter valued at $202,000. Finally, Clinton Group Inc. acquired a new stake in shares of Arista Networks during the first quarter valued at $205,000. Hedge funds and other institutional investors own 60.83% of the company’s stock.
Shares of Arista Networks, Inc. (NYSE:ANET) opened at 172.01 on Tuesday. The firm has a market cap of $12.48 billion, a PE ratio of 44.39 and a beta of 1.33. Arista Networks, Inc. has a 12 month low of $76.01 and a 12 month high of $176.50. The firm’s 50-day moving average price is $158.18 and its 200-day moving average price is $140.67.
Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The business had revenue of $405.21 million during the quarter, compared to the consensus estimate of $361.02 million. During the same quarter in the prior year, the firm earned $0.74 earnings per share. The business’s quarterly revenue was up 50.8% compared to the same quarter last year. Analysts expect that Arista Networks, Inc. will post $4.69 earnings per share for the current year.
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ANET has been the topic of several research reports. Barclays PLC restated a “buy” rating and set a $161.00 price objective on shares of Arista Networks in a report on Friday, May 5th. Needham & Company LLC restated a “buy” rating and set a $162.00 price objective (up from $150.00) on shares of Arista Networks in a report on Friday, May 5th. CIBC restated a “buy” rating and set a $160.00 price objective on shares of Arista Networks in a report on Friday, May 5th. Oppenheimer Holdings, Inc. set a $160.00 price objective on Arista Networks and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, Deutsche Bank AG set a $156.00 price objective on Arista Networks and gave the stock a “buy” rating in a report on Saturday, May 27th. Sixteen investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Arista Networks has an average rating of “Buy” and a consensus target price of $154.40.
In other news, insider Jayshree Ullal sold 59,186 shares of the stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $147.68, for a total transaction of $8,740,588.48. Following the completion of the sale, the insider now owns 2,576 shares in the company, valued at $380,423.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel Scheinman sold 833 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $151.68, for a total transaction of $126,349.44. Following the sale, the director now owns 52,500 shares of the company’s stock, valued at approximately $7,963,200. The disclosure for this sale can be found here. Insiders have sold 739,882 shares of company stock valued at $121,473,046 in the last quarter. Insiders own 28.09% of the company’s stock.
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.
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