Kestra Investment Management LLC Takes Position in Arista Networks, Inc. (NYSE:ANET)

Kestra Investment Management LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 2,017 shares of the technology company’s stock, valued at approximately $707,000.

A number of other institutional investors have also added to or reduced their stakes in ANET. UniSuper Management Pty Ltd lifted its holdings in shares of Arista Networks by 20.3% during the first quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after purchasing an additional 6,133 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in Arista Networks in the first quarter worth $1,405,000. M&G Plc purchased a new stake in shares of Arista Networks in the first quarter worth $3,238,000. Nordea Investment Management AB increased its holdings in shares of Arista Networks by 32.5% during the first quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after acquiring an additional 6,578 shares in the last quarter. Finally, Cim LLC purchased a new position in shares of Arista Networks in the 4th quarter worth about $2,589,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Up 0.9 %

Shares of NYSE:ANET opened at $383.82 on Tuesday. The stock has a market capitalization of $120.27 billion, a PE ratio of 53.46, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07. The firm’s 50 day moving average price is $346.52 and its 200-day moving average price is $321.38. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $395.82.

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

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated 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 transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now directly 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 three months, insiders have sold 54,157 shares of company stock worth $19,291,193. Corporate insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Wells Fargo & Company raised their price target on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Morgan Stanley upped their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Needham & Company LLC reissued a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a report on Wednesday, July 31st. Finally, The Goldman Sachs Group boosted their price target on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $363.25.

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.