Arista Networks Inc. (ANET) Position Raised by Nordea Investment Management AB
Nordea Investment Management AB raised its stake in Arista Networks Inc. (NYSE:ANET) by 251.8% during the second quarter, Holdings Channel reports. The fund owned 8,173 shares of the company’s stock after buying an additional 5,850 shares during the period. Nordea Investment Management AB’s holdings in Arista Networks were worth $526,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Mckinley Capital Management LLC Delaware raised its position in shares of Arista Networks by 72.5% in the first quarter. Mckinley Capital Management LLC Delaware now owns 311,842 shares of the company’s stock valued at $19,677,000 after buying an additional 131,061 shares during the period. Renaissance Technologies LLC raised its position in shares of Arista Networks by 150.6% in the first quarter. Renaissance Technologies LLC now owns 194,700 shares of the company’s stock valued at $12,286,000 after buying an additional 117,000 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in shares of Arista Networks during the first quarter valued at approximately $5,978,000. Jackson Square Partners LLC raised its position in shares of Arista Networks by 6.5% in the first quarter. Jackson Square Partners LLC now owns 998,160 shares of the company’s stock valued at $62,983,000 after buying an additional 60,685 shares during the period. Finally, Royal Bank of Canada raised its position in Arista Networks by 283.8% in the first quarter. Royal Bank of Canada now owns 45,560 shares of the company’s stock valued at $2,875,000 after buying an additional 33,690 shares during the last quarter. 52.69% of the stock is owned by institutional investors and hedge funds.
Arista Networks Inc. (NYSE:ANET) traded up 0.71% during trading on Friday, reaching $85.03. The company’s stock had a trading volume of 1,174,001 shares. Arista Networks Inc. has a 52 week low of $52.51 and a 52 week high of $85.10. The firm has a 50-day moving average price of $76.53 and a 200-day moving average price of $69.23. The firm has a market capitalization of $5.89 billion, a P/E ratio of 42.30 and a beta of 1.14.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 4th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.06. The company earned $268.70 million during the quarter, compared to analyst estimates of $262.98 million. Arista Networks had a net margin of 15.03% and a return on equity of 20.45%. The firm’s quarterly revenue was up 37.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.54 EPS. On average, equities analysts anticipate that Arista Networks Inc. will post $2.94 EPS for the current fiscal year.
Several equities analysts recently issued reports on the company. Bank of America Corp. lowered Arista Networks from a “buy” rating to an “underperform” rating and set a $65.00 target price on the stock. in a research note on Monday, June 27th. Oppenheimer Holdings Inc. set a $90.00 target price on Arista Networks and gave the stock a “buy” rating in a research note on Friday, August 5th. Pacific Crest reissued an “overweight” rating and set a $90.00 target price (down previously from $99.00) on shares of Arista Networks in a research note on Friday, July 22nd. Jefferies Group reissued a “sell” rating and set a $40.25 target price on shares of Arista Networks in a research note on Friday, August 5th. Finally, Zacks Investment Research lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have issued a buy rating to the company’s stock. Arista Networks has a consensus rating of “Buy” and a consensus price target of $78.90.
In other Arista Networks news, SVP Kenneth Duda sold 12,296 shares of the stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $81.34, for a total transaction of $1,000,156.64. Following the completion of the sale, the senior vice president now directly owns 420 shares of the company’s stock, valued at approximately $34,162.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Mark Stephen Smith sold 5,000 shares of the stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $70.04, for a total transaction of $350,200.00. Following the sale, the vice president now directly owns 1,244 shares of the company’s stock, valued at $87,129.76. The disclosure for this sale can be found here. 32.39% of the stock is currently owned by corporate insiders.
About Arista Networks
Arista Networks, Inc is a supplier of cloud networking solutions that address the needs of Internet companies, cloud service providers and next-generation data centers for enterprises. The Company’s cloud networking solutions consist of its Extensible Operating System (EOS), which is a set of network applications and its 10/25/40/50/100 Gigabit Ethernet switches.
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