Quest Partners LLC Boosts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Quest Partners LLC grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 183.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,162 shares of the technology company’s stock after buying an additional 752 shares during the quarter. Quest Partners LLC’s holdings in Arista Networks were worth $407,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. GQG Partners LLC acquired a new stake in Arista Networks during the first quarter valued at approximately $881,848,000. Norges Bank acquired a new stake in shares of Arista Networks during the 4th quarter valued at approximately $586,051,000. Swedbank AB bought a new position in Arista Networks during the first quarter worth $521,767,000. Vanguard Group Inc. boosted its holdings in Arista Networks by 5.7% in the fourth 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. Finally, TD Asset Management Inc raised its holdings in shares of Arista Networks by 145.5% during the fourth 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. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $359.76 on Friday. The stock has a market cap of $113.02 billion, a price-to-earnings ratio of 50.11, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $376.50. The stock’s 50 day moving average price is $341.07 and its 200 day moving average price is $313.35.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The company 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 company’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.41 EPS. On average, sell-side analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current year.

Analysts Set New Price Targets

ANET has been the subject of a number of recent research reports. Morgan Stanley boosted their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Bank of America increased their price target on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Wells Fargo & Company raised their price target on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Barclays increased 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. Finally, UBS Group boosted their price target on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $352.93, for a total transaction of $705,860.00. Following the sale, the director now owns 52,946 shares in the company, valued at approximately $18,686,231.78. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The disclosure for this sale can be found here. Insiders have sold 106,989 shares of company stock valued at $37,891,416 in the last quarter. Insiders own 3.54% of the company’s stock.

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.