Pacer Advisors Inc. raised its holdings in shares of Arista Networks Inc (NYSE:ANET) by 10.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,909 shares of the technology company’s stock after purchasing an additional 470 shares during the quarter. Pacer Advisors Inc.’s holdings in Arista Networks were worth $1,274,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Valeo Financial Advisors LLC grew its stake in shares of Arista Networks by 24.2% in the 2nd quarter. Valeo Financial Advisors LLC now owns 190 shares of the technology company’s stock worth $49,000 after acquiring an additional 37 shares in the last quarter. Cigna Investments Inc. New grew its stake in shares of Arista Networks by 2.4% in the 1st quarter. Cigna Investments Inc. New now owns 1,675 shares of the technology company’s stock worth $528,000 after acquiring an additional 40 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Arista Networks by 46.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 193 shares of the technology company’s stock worth $61,000 after acquiring an additional 61 shares in the last quarter. Wetherby Asset Management Inc. grew its stake in shares of Arista Networks by 0.5% in the 2nd quarter. Wetherby Asset Management Inc. now owns 16,331 shares of the technology company’s stock worth $4,240,000 after acquiring an additional 77 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. grew its stake in shares of Arista Networks by 1.6% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 5,022 shares of the technology company’s stock worth $1,579,000 after acquiring an additional 78 shares in the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

Several analysts have recently issued reports on ANET shares. Royal Bank of Canada set a $300.00 target price on shares of Arista Networks and gave the stock a “buy” rating in a research note on Friday, July 19th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $330.00 target price (down previously from $340.00) on shares of Arista Networks in a research note on Friday, June 7th. JMP Securities reiterated an “outperform” rating and issued a $280.00 target price (down previously from $315.00) on shares of Arista Networks in a research note on Friday, August 2nd. Goldman Sachs Group set a $290.00 target price on shares of Arista Networks and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Needham & Company LLC reduced their target price on shares of Arista Networks to $340.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $303.00.

In other Arista Networks news, SVP Kenneth Duda sold 10,876 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $224.30, for a total transaction of $2,439,486.80. Following the sale, the senior vice president now directly owns 1,971 shares of the company’s stock, valued at $442,095.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $225.20, for a total transaction of $450,400.00. Following the sale, the senior vice president now directly owns 13,228 shares in the company, valued at $2,978,945.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,810 shares of company stock worth $12,538,880. Insiders own 23.83% of the company’s stock.

NYSE ANET traded down $2.83 during trading on Friday, hitting $247.11. 192,613 shares of the company’s stock traded hands, compared to its average volume of 632,198. The stock has a market capitalization of $18.91 billion, a price-to-earnings ratio of 34.95, a PEG ratio of 1.44 and a beta of 1.55. Arista Networks Inc has a 12-month low of $187.08 and a 12-month high of $331.27. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.17 and a current ratio of 5.77. The business has a 50 day moving average of $236.71 and a 200-day moving average of $269.15.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, August 1st. The technology company reported $2.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.98 by $0.46. The business had revenue of $608.32 million for the quarter, compared to the consensus estimate of $606.78 million. Arista Networks had a net margin of 30.86% and a return on equity of 28.76%. The company’s revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.93 earnings per share. On average, analysts expect that Arista Networks Inc will post 8.67 EPS for the current year.

About Arista Networks

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of 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.

Further Reading: How to find the components of the quick ratio

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

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