Mackenzie Financial Corp Sells 5,189 Shares of Arista Networks, Inc. (NYSE:ANET)

Mackenzie Financial Corp lowered its stake in Arista Networks, Inc. (NYSE:ANET) by 15.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,716 shares of the technology company’s stock after selling 5,189 shares during the quarter. Mackenzie Financial Corp’s holdings in Arista Networks were worth $10,064,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. UniSuper Management Pty Ltd boosted its position in Arista Networks by 20.3% in the first quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after buying an additional 6,133 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in Arista Networks during the 1st quarter worth $1,405,000. M&G Plc acquired a new position in Arista Networks in the 1st quarter worth about $3,238,000. Nordea Investment Management AB raised its position in Arista Networks by 32.5% in the first quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after purchasing an additional 6,578 shares during the last quarter. Finally, Cim LLC acquired a new stake in shares of Arista Networks during the fourth quarter valued at about $2,589,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,624,679.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Arista Networks news, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction 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 transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. The disclosure for this sale can be found here. Insiders have sold a total of 54,157 shares of company stock worth $19,291,193 in the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 0.9 %

ANET opened at $383.82 on Tuesday. The company has a fifty day moving average price of $346.52 and a two-hundred day moving average price of $321.38. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $395.82. The company has a market cap of $120.27 billion, a P/E ratio of 53.46, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07.

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ANET shares. Barclays raised their price objective 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. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. JPMorgan Chase & Co. increased their price objective on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. The Goldman Sachs Group lifted their target price on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, Morgan Stanley increased their price target on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $363.25.

Arista Networks Company 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.