ProShare Advisors LLC Increases Position in Arista Networks, Inc. (NYSE:ANET)

ProShare Advisors LLC raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 6.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 50,774 shares of the technology company’s stock after buying an additional 3,027 shares during the period. ProShare Advisors LLC’s holdings in Arista Networks were worth $17,795,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ANET. Beacon Capital Management LLC boosted its position in Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares during the period. LGT Financial Advisors LLC acquired a new position in Arista Networks during the 2nd quarter worth $27,000. Benjamin Edwards Inc. purchased a new stake in Arista Networks during the 1st quarter worth about $26,000. Byrne Asset Management LLC acquired a new stake in Arista Networks in the 2nd quarter valued at about $33,000. Finally, Sugarloaf Wealth Management LLC purchased a new position in shares of Arista Networks in the 2nd quarter valued at about $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ANET has been the topic of several analyst reports. Barclays raised their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. UBS Group lifted their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. Jefferies Financial Group increased their target price on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. KeyCorp lifted their price target on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Needham & Company LLC reissued a “buy” rating and set a $375.00 target price on shares of Arista Networks 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 assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $358.63.

Insider Activity

In related news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,202,550.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP Marc Taxay sold 624 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total value 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 $1,202,550.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,361 shares of company stock valued at $38,024,123. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $385.57 on Tuesday. The company’s fifty day moving average is $342.05 and its two-hundred day moving average is $317.63. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $390.00. The company has a market capitalization of $120.82 billion, a P/E ratio of 53.70, a PEG ratio of 2.70 and a beta of 1.07.

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 the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the previous year, the firm posted $1.41 EPS. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

About Arista Networks

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.