Canada Pension Plan Investment Board purchased a new position in Arista Networks, Inc. (NYSE:ANET) during the second quarter, according to its most recent filing with the SEC. The institutional investor purchased 43,000 shares of the technology company’s stock, valued at approximately $6,441,000. Canada Pension Plan Investment Board owned 0.06% of Arista Networks as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its position in shares of 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 in the last quarter. Harbour Capital Advisors LLC boosted its position in shares of 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 in the last quarter. FMR LLC boosted its position in shares of 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 in the last quarter. Vanguard Group Inc. boosted its position in shares of 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 in the last quarter. Finally, Ardevora Asset Management LLP acquired a new position in shares of Arista Networks during the second quarter worth approximately $36,384,000. 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 Monday. 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 is $157.54 and its 200-day moving average is $139.45. The firm has a market cap of $12.48 billion, a price-to-earnings ratio of 44.39 and a beta of 1.33.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.15. The firm had revenue of $405.21 million during the quarter, compared to the consensus estimate of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The company’s revenue for the quarter was up 50.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 earnings per share. Analysts predict that Arista Networks, Inc. will post $4.69 earnings per share for the current fiscal year.
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A number of research analysts have commented on ANET shares. Credit Suisse Group cut shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $140.00 price target for the company. in a research note on Thursday, April 27th. They noted that the move was a valuation call. JMP Securities raised their price target on shares of Arista Networks from $145.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, May 15th. Needham & Company LLC restated a “buy” rating and set a $162.00 price target (up previously from $150.00) on shares of Arista Networks in a research note on Friday, May 5th. Stifel Nicolaus restated a “hold” rating and set a $145.00 price target on shares of Arista Networks in a research note on Friday, July 21st. Finally, BidaskClub cut shares of Arista Networks from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 4th. Sixteen equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $154.40.
In related news, SVP Kenneth Duda sold 8,827 shares of Arista Networks stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $168.06, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Anshul Sadana sold 12,000 shares of Arista Networks stock in a transaction on Monday, July 17th. The stock was sold at an average price of $154.51, for a total transaction of $1,854,120.00. Following the transaction, the insider now directly owns 99,841 shares of the company’s stock, valued at approximately $15,426,432.91. 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 ninety days. 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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