CIBC Asset Management Inc Grows Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

CIBC Asset Management Inc lifted its position in shares of Arista Networks, Inc. (NYSE:ANETGet Rating) by 60.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 39,376 shares of the technology company’s stock after buying an additional 14,855 shares during the quarter. CIBC Asset Management Inc’s holdings in Arista Networks were worth $5,472,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Asset Dedication LLC purchased a new position in shares of Arista Networks during the 1st quarter valued at $25,000. Riverview Trust Co purchased a new stake in Arista Networks in the 1st quarter worth $26,000. JJJ Advisors Inc. lifted its stake in Arista Networks by 300.0% in the 4th quarter. JJJ Advisors Inc. now owns 196 shares of the technology company’s stock worth $28,000 after purchasing an additional 147 shares in the last quarter. Addison Advisors LLC purchased a new stake in Arista Networks in the 1st quarter worth $28,000. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in Arista Networks by 300.0% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 200 shares of the technology company’s stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 67.10% of the company’s stock.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 6,660 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $92.70, for a total value of $617,382.00. Following the transaction, the director now directly owns 105,606 shares in the company, valued at approximately $9,789,676.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Marc Taxay sold 1,048 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $115.22, for a total value of $120,750.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 6,660 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $92.70, for a total transaction of $617,382.00. Following the completion of the sale, the director now directly owns 105,606 shares of the company’s stock, valued at approximately $9,789,676.20. The disclosure for this sale can be found here. Insiders have sold 530,320 shares of company stock worth $54,800,753 in the last three months. Corporate insiders own 19.59% of the company’s stock.

Arista Networks Price Performance

Shares of ANET stock opened at $126.68 on Friday. The company has a market capitalization of $38.55 billion, a P/E ratio of 39.07, a P/E/G ratio of 1.90 and a beta of 1.35. The company’s 50-day simple moving average is $101.91 and its two-hundred day simple moving average is $114.69. Arista Networks, Inc. has a one year low of $85.18 and a one year high of $148.57.

Arista Networks (NYSE:ANETGet Rating) last issued its earnings results on Monday, August 1st. The technology company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.30. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $979.66 million. Arista Networks had a net margin of 29.55% and a return on equity of 24.03%. The company’s revenue for the quarter was up 48.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.56 EPS. On average, research analysts expect that Arista Networks, Inc. will post 3.48 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Needham & Company LLC boosted their price target on shares of Arista Networks from $128.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday. Rosenblatt Securities boosted their target price on shares of Arista Networks from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday. Cowen boosted their target price on shares of Arista Networks from $154.00 to $163.00 and gave the stock an “outperform” rating in a report on Tuesday. Credit Suisse Group boosted their target price on shares of Arista Networks from $178.00 to $185.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Evercore ISI boosted their target price on shares of Arista Networks from $135.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $157.53.

Arista Networks Company Profile

(Get Rating)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

See Also

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANETGet Rating).

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

Receive News & Ratings for Arista Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks and related companies with MarketBeat.com's FREE daily email newsletter.