Bank of Montreal Can decreased its position in Arista Networks, Inc. (NYSE:ANET) by 60.8% during the second quarter, Holdings Channel reports. The fund owned 8,758 shares of the technology company’s stock after selling 13,599 shares during the period. Bank of Montreal Can’s holdings in Arista Networks were worth $1,312,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Arista Networks by 12.8% in the first quarter. Vanguard Group Inc. now owns 3,514,246 shares of the technology company’s stock worth $464,830,000 after buying an additional 399,688 shares during the last quarter. FMR LLC boosted its stake in Arista Networks by 32.2% in the first quarter. FMR LLC now owns 3,288,755 shares of the technology company’s stock worth $435,004,000 after buying an additional 800,465 shares during the last quarter. BlackRock Inc. boosted its stake in Arista Networks by 34,238.9% in the first quarter. BlackRock Inc. now owns 1,684,322 shares of the technology company’s stock worth $222,784,000 after buying an additional 1,679,417 shares during the last quarter. William Blair Investment Management LLC boosted its stake in Arista Networks by 9.1% in the first quarter. William Blair Investment Management LLC now owns 1,136,817 shares of the technology company’s stock worth $150,367,000 after buying an additional 94,484 shares during the last quarter. Finally, State Street Corp boosted its stake in Arista Networks by 10.0% in the first quarter. State Street Corp now owns 734,760 shares of the technology company’s stock worth $97,186,000 after buying an additional 66,718 shares during the last quarter. 60.83% of the stock is owned by institutional investors.
Arista Networks, Inc. (NYSE:ANET) traded up 0.56% during trading on Friday, reaching $172.01. The company’s stock had a trading volume of 651,891 shares. Arista Networks, Inc. has a 52 week low of $76.01 and a 52 week high of $176.50. The firm has a market capitalization of $12.48 billion, a P/E ratio of 44.39 and a beta of 1.33. The firm has a 50-day moving average price of $157.54 and a 200-day moving average price of $139.45.
Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, beating 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 company had revenue of $405.21 million for the quarter, compared to the consensus estimate of $361.02 million. During the same period in the previous year, the business earned $0.74 EPS. The company’s revenue was up 50.8% on a year-over-year basis. On average, equities analysts anticipate that Arista Networks, Inc. will post $4.69 EPS for the current fiscal year.
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Several analysts have recently commented on the company. MKM Partners reissued a “neutral” rating and issued a $125.00 price target (up from $100.00) on shares of Arista Networks in a report on Tuesday, May 9th. Jefferies Group LLC reissued a “hold” rating and issued a $145.00 price target (up from $120.00) on shares of Arista Networks in a report on Wednesday, August 9th. Deutsche Bank AG reissued a “buy” rating and issued a $165.00 price target (up from $156.00) on shares of Arista Networks in a report on Monday, July 17th. William Blair raised Arista Networks from a “market perform” rating to an “outperform” rating in a report on Friday, August 4th. Finally, Barclays PLC raised their price target on Arista Networks from $161.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, June 15th. Sixteen research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $154.40.
In other news, SVP Kenneth Duda sold 8,827 shares of the company’s 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 transaction, the senior vice president now directly owns 1,202 shares of the company’s stock, valued at $202,008.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jayshree Ullal sold 200,268 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $173.37, for a total transaction of $34,720,463.16. The disclosure for this sale can be found here. Insiders sold 739,882 shares of company stock worth $121,473,046 over the last ninety days. 28.09% of the stock is currently owned by company 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.
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