Cubist Systematic Strategies LLC bought a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 48,857 shares of the technology company’s stock, valued at approximately $7,318,000. Arista Networks accounts for approximately 0.5% of Cubist Systematic Strategies LLC’s portfolio, making the stock its 14th biggest holding. Cubist Systematic Strategies LLC owned approximately 0.07% of Arista Networks at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ANET. State Board of Administration of Florida Retirement System boosted its stake in shares of Arista Networks by 13.6% during the second quarter. State Board of Administration of Florida Retirement System now owns 65,336 shares of the technology company’s stock valued at $9,787,000 after purchasing an additional 7,827 shares in the last quarter. Janus Capital Management LLC boosted its stake in shares of Arista Networks by 115.5% during the first quarter. Janus Capital Management LLC now owns 35,749 shares of the technology company’s stock valued at $4,728,000 after purchasing an additional 19,160 shares in the last quarter. Federated Investors Inc. PA bought a new position in shares of Arista Networks during the second quarter valued at approximately $3,090,000. California Public Employees Retirement System boosted its stake in shares of Arista Networks by 154.9% during the first quarter. California Public Employees Retirement System now owns 90,500 shares of the technology company’s stock valued at $11,970,000 after purchasing an additional 55,000 shares in the last quarter. Finally, Utah Retirement Systems boosted its stake in shares of Arista Networks by 34.7% during the second quarter. Utah Retirement Systems now owns 9,700 shares of the technology company’s stock valued at $1,453,000 after purchasing an additional 2,500 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Shares of Arista Networks, Inc. (NYSE:ANET) traded up 1.35% on Friday, hitting $192.93. 722,226 shares of the company traded hands. The company has a market capitalization of $13.99 billion, a PE ratio of 49.79 and a beta of 1.31. The stock’s 50-day moving average price is $180.09 and its 200-day moving average price is $155.77. Arista Networks, Inc. has a 12 month low of $78.82 and a 12 month high of $193.40.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.15. The firm had revenue of $405.21 million during the quarter, compared to analysts’ expectations of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. Arista Networks’s quarterly revenue was up 50.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.74 EPS. On average, equities analysts predict that Arista Networks, Inc. will post $4.70 earnings per share for the current year.

In other Arista Networks news, insider Anshul Sadana sold 12,000 shares of the company’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $154.51, for a total transaction of $1,854,120.00. Following the completion of the transaction, the insider now owns 99,841 shares in the company, valued at approximately $15,426,432.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 10,083 shares of the company’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $149.09, for a total transaction of $1,503,274.47. Following the transaction, the senior vice president now owns 1,202 shares of the company’s stock, valued at approximately $179,206.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 426,117 shares of company stock valued at $73,084,005. 28.09% of the stock is owned by company insiders.

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ANET has been the topic of a number of recent research reports. Bank of America Corporation reiterated a “neutral” rating and set a $165.00 price objective (up from $145.00) on shares of Arista Networks in a research note on Sunday, June 11th. Needham & Company LLC increased their price objective on shares of Arista Networks from $162.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, June 12th. Barclays PLC increased their price objective on shares of Arista Networks from $161.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, June 15th. BMO Capital Markets increased their price objective on shares of Arista Networks from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, June 19th. Finally, Pacific Crest reiterated an “overweight” rating and set a $168.00 price objective (up from $145.00) on shares of Arista Networks in a research note on Sunday, June 25th. Fifteen research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $164.93.

About Arista Networks

Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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