Eastern Bank Has $58.66 Million Stock Holdings in Arista Networks, Inc. $ANET

Eastern Bank lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 8.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 345,293 shares of the technology company’s stock after purchasing an additional 27,324 shares during the quarter. Eastern Bank’s holdings in Arista Networks were worth $58,658,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Lighthouse Financial Services Inc. ADV bought a new stake in Arista Networks in the 4th quarter valued at $1,549,000. Bensler LLC acquired a new position in Arista Networks during the fourth quarter valued at approximately $6,350,000. QRG Capital Management Inc. boosted its holdings in shares of Arista Networks by 6.4% in the 4th quarter. QRG Capital Management Inc. now owns 169,613 shares of the technology company’s stock valued at $22,224,000 after buying an additional 10,217 shares during the last quarter. Jefferies Financial Group Inc. lifted its stake in Arista Networks by 59.8% in the fourth quarter. Jefferies Financial Group Inc. now owns 17,621 shares of the technology company’s stock valued at $2,309,000 after acquiring an additional 6,591 shares during the last quarter. Finally, Reaves W H & Co. Inc. acquired a new stake in Arista Networks in the 4th quarter valued at about $3,058,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Arista Networks stock opened at $185.33 on Tuesday. The firm has a market cap of $233.36 billion, a P/E ratio of 63.47, a P/E/G ratio of 2.77 and a beta of 1.60. Arista Networks, Inc. has a one year low of $114.52 and a one year high of $189.82. The stock’s 50 day moving average is $168.02 and its 200 day moving average is $150.69.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.06. The company had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.62 billion. Arista Networks had a net margin of 38.32% and a return on equity of 30.10%. The company’s quarterly revenue was up 35.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.65 EPS. Equities analysts anticipate that Arista Networks, Inc. will post 3.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft raised Arista Networks to a “buy” rating in a report on Wednesday, June 10th. UBS Group reiterated a “buy” rating and issued a $187.00 price target (up from $177.00) on shares of Arista Networks in a research report on Wednesday, May 6th. KeyCorp reaffirmed an “overweight” rating and set a $200.00 price objective (up from $178.00) on shares of Arista Networks in a research report on Thursday, June 18th. Barclays restated an “overweight” rating and set a $195.00 target price (up from $184.00) on shares of Arista Networks in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Arista Networks from $190.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Arista Networks presently has a consensus rating of “Buy” and an average price target of $189.74.

Insiders Place Their Bets

In other news, insider Kenneth Duda sold 32,000 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $140.08, for a total transaction of $4,482,560.00. Following the transaction, the insider owned 12,976 shares of the company’s stock, valued at $1,817,678.08. This represents a 71.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Andreas Bechtolsheim sold 260,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $165.57, for a total value of $43,048,200.00. Following the completion of the transaction, the insider owned 182,543,048 shares in the company, valued at approximately $30,223,652,457.36. The trade was a 0.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 2,300,316 shares of company stock worth $382,160,575. Corporate insiders own 2.70% of the company’s stock.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.