Sienna Gestion Makes New Investment in Arista Networks, Inc. (NYSE:ANET)

Sienna Gestion acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 17,659 shares of the technology company’s stock, valued at approximately $6,186,000.

A number of other institutional investors have also made changes to their positions in the stock. Benjamin Edwards Inc. acquired a new position in shares of Arista Networks during the first quarter worth approximately $26,000. Beacon Capital Management LLC raised its stake in Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares during the last quarter. LGT Financial Advisors LLC bought a new stake in Arista Networks in the 2nd quarter valued at $27,000. Financial Synergies Wealth Advisors Inc. grew its position in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after purchasing an additional 96 shares during the last quarter. Finally, Byrne Asset Management LLC bought a new position in shares of Arista Networks during the 2nd quarter worth about $33,000. 82.47% of the stock is owned by institutional investors.

Arista Networks Price Performance

NYSE ANET opened at $361.70 on Thursday. The stock’s 50 day simple moving average is $340.70 and its 200 day simple moving average is $315.34. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The firm has a market cap of $113.34 billion, a PE ratio of 50.38, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period last year, the company posted $1.41 earnings per share. As a group, equities analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,361 shares of company stock worth $38,024,123. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

ANET has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Barclays raised their target price on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Jefferies Financial Group increased their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, UBS Group raised their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $358.63.

Arista Networks Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.