Buckingham Strategic Wealth LLC trimmed its holdings in Arista Networks, Inc. (NYSE:ANET – Get Rating) by 8.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,832 shares of the technology company's stock after selling 933 shares during the quarter. Buckingham Strategic Wealth LLC's holdings in Arista Networks were worth $1,110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in ANET. Vanguard Group Inc. increased its holdings in Arista Networks by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 25,268,588 shares of the technology company's stock worth $3,511,828,000 after purchasing an additional 353,253 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in Arista Networks by 10.7% during the 2nd quarter. Artisan Partners Limited Partnership now owns 5,724,904 shares of the technology company's stock worth $536,652,000 after purchasing an additional 553,782 shares in the last quarter. Legal & General Group Plc increased its holdings in Arista Networks by 5.7% during the 2nd quarter. Legal & General Group Plc now owns 1,867,464 shares of the technology company's stock worth $175,058,000 after purchasing an additional 101,483 shares in the last quarter. Invesco Ltd. increased its holdings in Arista Networks by 3.2% during the 1st quarter. Invesco Ltd. now owns 1,823,080 shares of the technology company's stock worth $253,371,000 after purchasing an additional 57,203 shares in the last quarter. Finally, State Farm Mutual Automobile Insurance Co. increased its holdings in Arista Networks by 2.1% during the 2nd quarter. State Farm Mutual Automobile Insurance Co. now owns 1,342,020 shares of the technology company's stock worth $125,801,000 after purchasing an additional 27,369 shares in the last quarter. 64.30% of the stock is owned by institutional investors and hedge funds.
Get Arista Networks alerts:Arista Networks Stock Performance
Arista Networks stock opened at $126.02 on Wednesday. The stock has a market cap of $38.51 billion, a P/E ratio of 34.34, a PEG ratio of 1.58 and a beta of 1.30. Arista Networks, Inc. has a fifty-two week low of $89.11 and a fifty-two week high of $143.57. The firm's fifty day moving average price is $123.63 and its 200-day moving average price is $120.51.
Arista Networks (NYSE:ANET – Get Rating) last released its quarterly earnings results on Monday, October 31st. The technology company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.22. The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.06 billion. Arista Networks had a net margin of 29.63% and a return on equity of 27.23%. The business's quarterly revenue was up 57.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.60 earnings per share. Sell-side analysts predict that Arista Networks, Inc. will post 3.81 earnings per share for the current year.Insider Transactions at Arista Networks
In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $114.69, for a total value of $2,293,800.00. Following the transaction, the senior vice president now owns 3,244 shares of the company's stock, valued at $372,054.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $114.69, for a total value of $2,293,800.00. Following the transaction, the senior vice president now owns 3,244 shares of the company's stock, valued at $372,054.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 400 shares of the stock in a transaction on Thursday, November 3rd. The shares were sold at an average price of $123.83, for a total value of $49,532.00. Following the completion of the transaction, the director now directly owns 1,923 shares in the company, valued at approximately $238,125.09. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 85,231 shares of company stock valued at $10,878,207. 19.59% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of analysts have commented on ANET shares. StockNews.com started coverage on Arista Networks in a report on Wednesday, October 12th. They set a "buy" rating for the company. Morgan Stanley boosted their target price on Arista Networks from $115.00 to $130.00 and gave the stock an "equal weight" rating in a research note on Monday, November 7th. Cowen boosted their target price on Arista Networks from $203.00 to $212.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 13th. Deutsche Bank Aktiengesellschaft boosted their target price on Arista Networks from $135.00 to $140.00 in a research note on Thursday, November 3rd. Finally, Barclays boosted their target price on Arista Networks from $131.00 to $143.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 1st. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $167.79.
Arista Networks Company Profile
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Arista Networks, Inc engages in the development, marketing, and sale of cloud networking solutions. Its cloud networking solutions consist of Extensible Operating System (EOS), a set of network applications and Ethernet switching, and routing platforms. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in October 2004 and is headquartered in Santa Clara, CA.
Further Reading
- Get a free copy of the StockNews.com research report on Arista Networks (ANET)
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