Profund Advisors LLC Grows Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Profund Advisors LLC raised its stake in Arista Networks, Inc. (NYSE:ANET) by 16.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,516 shares of the technology company’s stock after buying an additional 2,470 shares during the period. Profund Advisors LLC’s holdings in Arista Networks were worth $6,139,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. GQG Partners LLC purchased a new stake in shares of Arista Networks in the 1st quarter worth approximately $881,848,000. Swedbank AB purchased a new stake in shares of Arista Networks in the 1st quarter worth approximately $521,767,000. Vanguard Group Inc. lifted its position in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. TD Asset Management Inc lifted its position in shares of Arista Networks by 145.5% in the 4th quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after purchasing an additional 471,099 shares during the period. Finally, Schroder Investment Management Group lifted its position in shares of Arista Networks by 29.9% in the 4th quarter. Schroder Investment Management Group now owns 1,635,783 shares of the technology company’s stock worth $385,243,000 after purchasing an additional 376,478 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Trading Up 1.4 %

Shares of Arista Networks stock opened at $384.46 on Friday. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $385.50. The firm has a market capitalization of $120.48 billion, a price-to-earnings ratio of 53.55, a PEG ratio of 2.70 and a beta of 1.07. The firm’s 50 day simple moving average is $341.55 and its two-hundred day simple moving average is $316.71.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. Arista Networks’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.41 EPS. On average, sell-side analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $357.00, for a total value of $8,925,000.00. Following the sale, the chief executive officer now owns 1,595,800 shares in the company, valued at $569,700,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $357.00, for a total value of $8,925,000.00. Following the sale, the chief executive officer now owns 1,595,800 shares in the company, valued at $569,700,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. Insiders have sold 107,361 shares of company stock worth $38,024,123 over the last 90 days. 3.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ANET shares. Piper Sandler upped their price target on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Evercore ISI reissued an “outperform” rating and set a $400.00 target price on shares of Arista Networks in a research report on Friday, September 13th. Bank of America increased their target price on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Rosenblatt Securities increased their target price on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group increased their target price on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.