Swiss National Bank Raises Stake in Arista Networks Inc (ANET)
Swiss National Bank lifted its stake in shares of Arista Networks Inc (NYSE:ANET) by 12.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 170,900 shares of the technology company’s stock after acquiring an additional 18,400 shares during the quarter. Swiss National Bank’s holdings in Arista Networks were worth $44,005,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Three Peaks Capital Management LLC purchased a new position in shares of Arista Networks during the first quarter worth approximately $101,000. Group One Trading L.P. purchased a new position in Arista Networks during the first quarter valued at approximately $102,000. Cerebellum GP LLC purchased a new position in Arista Networks during the second quarter valued at approximately $159,000. NewSquare Capital LLC purchased a new position in Arista Networks during the second quarter valued at approximately $181,000. Finally, Hartford Investment Management Co. purchased a new position in Arista Networks during the second quarter valued at approximately $204,000. 54.77% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Marc Taxay sold 2,000 shares of Arista Networks stock in a transaction on Friday, June 1st. The shares were sold at an average price of $256.84, for a total transaction of $513,680.00. Following the completion of the sale, the senior vice president now directly owns 15,371 shares in the company, valued at $3,947,887.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 64,750 shares of Arista Networks stock in a transaction on Monday, August 27th. The stock was sold at an average price of $305.94, for a total transaction of $19,809,615.00. Following the sale, the chief executive officer now owns 14,704 shares of the company’s stock, valued at $4,498,541.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 320,038 shares of company stock valued at $93,531,661. 24.95% of the stock is owned by insiders.
Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 2nd. The technology company reported $1.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.43. The company had revenue of $519.85 million during the quarter, compared to the consensus estimate of $509.62 million. Arista Networks had a net margin of 28.07% and a return on equity of 28.51%. Arista Networks’s revenue was up 28.3% compared to the same quarter last year. During the same period last year, the firm earned $1.34 earnings per share. equities analysts predict that Arista Networks Inc will post 6.43 earnings per share for the current fiscal year.
Several equities analysts recently issued reports on ANET shares. Zacks Investment Research raised shares of Arista Networks from a “sell” rating to a “hold” rating in a report on Tuesday, May 1st. Credit Suisse Group set a $303.00 price objective on shares of Arista Networks and gave the company a “buy” rating in a report on Thursday, May 31st. Argus lifted their price objective on shares of Arista Networks to $320.00 and gave the company a “buy” rating in a report on Monday, August 6th. Piper Jaffray Companies raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and set a $315.00 price objective on the stock in a report on Monday, July 9th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Arista Networks from $282.00 to $287.00 and gave the company a “hold” rating in a report on Monday, July 23rd. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $280.59.
Arista Networks Profile
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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