Navellier & Associates Inc Purchases New Position in Arista Networks Inc (ANET)
Navellier & Associates Inc purchased a new position in Arista Networks Inc (NYSE:ANET) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 33,760 shares of the technology company’s stock, valued at approximately $4,465,000.
A number of other large investors have also modified their holdings of ANET. Public Employees Retirement Association of Colorado raised its stake in shares of Arista Networks by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 1,257 shares of the technology company’s stock worth $107,000 after buying an additional 5 shares during the last quarter. Flinton Capital Management LLC acquired a new stake in shares of Arista Networks during the fourth quarter worth about $153,000. Affinity Wealth Management acquired a new stake in shares of Arista Networks during the first quarter worth about $256,000. Pittenger & Anderson Inc. raised its stake in shares of Arista Networks by 255.0% in the fourth quarter. Pittenger & Anderson Inc. now owns 1,935 shares of the technology company’s stock worth $187,000 after buying an additional 1,390 shares during the last quarter. Finally, Comerica Bank acquired a new stake in shares of Arista Networks during the fourth quarter worth about $205,000. Institutional investors and hedge funds own 54.94% of the company’s stock.
Shares of Arista Networks Inc (NYSE:ANET) traded up 0.14% during mid-day trading on Friday, reaching $136.66. 421,550 shares of the company’s stock traded hands. Arista Networks Inc has a 12-month low of $60.51 and a 12-month high of $137.09. The company’s 50-day moving average price is $129.58 and its 200-day moving average price is $103.00. The stock has a market capitalization of $9.70 billion, a PE ratio of 54.66 and a beta of 1.15.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, February 16th. The technology company reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.22. The company had revenue of $328 million for the quarter, compared to analyst estimates of $315.40 million. Arista Networks had a net margin of 16.15% and a return on equity of 20.69%. The firm’s quarterly revenue was up 33.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.80 EPS. Analysts anticipate that Arista Networks Inc will post $3.77 earnings per share for the current year.
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A number of brokerages have issued reports on ANET. Needham & Company LLC reiterated a “buy” rating and issued a $150.00 price target on shares of Arista Networks in a research note on Thursday, April 6th. MKM Partners reiterated a “neutral” rating and issued a $84.00 price target (down previously from $95.00) on shares of Arista Networks in a research note on Wednesday, January 18th. Wells Fargo & Co reiterated an “outperform” rating on shares of Arista Networks in a research note on Thursday, April 6th. Vetr lowered Arista Networks from a “strong-buy” rating to a “buy” rating and set a $103.07 price objective for the company. in a research report on Tuesday, January 24th. Finally, Stifel Nicolaus lowered Arista Networks from a “buy” rating to a “hold” rating and raised their price objective for the company from $130.00 to $135.00 in a research report on Monday, April 3rd. They noted that the move was a valuation call. Thirteen investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $119.68.
In other news, SVP Marc Taxay sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $120.15, for a total value of $240,300.00. Following the sale, the senior vice president now directly owns 10,650 shares in the company, valued at approximately $1,279,597.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anshul Sadana sold 21,000 shares of the firm’s stock in a transaction on Monday, March 20th. The shares were sold at an average price of $130.00, for a total transaction of $2,730,000.00. Following the completion of the sale, the insider now owns 103,524 shares in the company, valued at $13,458,120. The disclosure for this sale can be found here. Insiders sold a total of 25,000 shares of company stock worth $3,233,600 over the last 90 days. Company insiders own 32.39% 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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