Meeder Asset Management Inc. boosted its stake in Arista Networks Inc (NYSE:ANET) by 1,671.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,639 shares of the technology company’s stock after buying an additional 2,490 shares during the period. Meeder Asset Management Inc.’s holdings in Arista Networks were worth $702,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of ANET. Renaissance Technologies LLC increased its position in Arista Networks by 26.3% in the second quarter. Renaissance Technologies LLC now owns 1,093,700 shares of the technology company’s stock worth $281,617,000 after buying an additional 227,500 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its position in Arista Networks by 509.0% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 243,420 shares of the technology company’s stock worth $62,678,000 after buying an additional 203,448 shares during the period. Janus Henderson Group PLC increased its position in Arista Networks by 51.5% in the second quarter. Janus Henderson Group PLC now owns 424,339 shares of the technology company’s stock worth $109,264,000 after buying an additional 144,273 shares during the period. BlackRock Inc. increased its position in Arista Networks by 5.3% in the second quarter. BlackRock Inc. now owns 2,805,544 shares of the technology company’s stock worth $722,399,000 after buying an additional 140,468 shares during the period. Finally, Ardevora Asset Management LLP increased its position in Arista Networks by 136,739.7% in the second quarter. Ardevora Asset Management LLP now owns 99,893 shares of the technology company’s stock worth $25,721,000 after buying an additional 99,820 shares during the period. 54.32% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:ANET opened at $244.43 on Friday. The stock has a market cap of $19.12 billion, a P/E ratio of 52.57, a PEG ratio of 1.76 and a beta of 1.56. Arista Networks Inc has a 52-week low of $206.86 and a 52-week high of $313.37. 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 (NYSE:ANET) last released its earnings results on Thursday, November 1st. The technology company reported $1.83 earnings per share (EPS) 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 analyst estimates of $548.81 million. Arista Networks had a return on equity of 29.06% and a net margin of 28.05%. Arista Networks’s revenue was up 28.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.62 earnings per share. Sell-side analysts anticipate that Arista Networks Inc will post 6.77 earnings per share for the current fiscal year.

In related news, SVP Kenneth Duda sold 11,000 shares of Arista Networks stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $229.24, for a total transaction of $2,521,640.00. Following the transaction, the senior vice president now directly owns 2,664 shares of the company’s stock, valued at $610,695.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jayshree Ullal sold 76,659 shares of Arista Networks stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $306.41, for a total value of $23,489,084.19. Following the transaction, the insider now directly owns 3,809 shares in the company, valued at $1,167,115.69. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 203,820 shares of company stock worth $60,871,675. 24.95% of the stock is owned by corporate insiders.

A number of brokerages have recently commented on ANET. MKM Partners raised their price target on Arista Networks to $275.00 and gave the company a “neutral” rating in a report on Monday, November 5th. Citigroup raised their price target on Arista Networks from $300.00 to $315.00 and gave the company a “buy” rating in a report on Friday, November 2nd. Piper Jaffray Companies set a $320.00 price target on Arista Networks and gave the company a “buy” rating in a report on Friday, November 2nd. KeyCorp raised their price target on Arista Networks from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, November 2nd. Finally, BMO Capital Markets raised their price target on Arista Networks from $279.00 to $296.00 and gave the company an “outperform” rating in a report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Arista Networks presently has a consensus rating of “Buy” and a consensus target price of $291.83.

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

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