Connor Clark & Lunn Investment Management Ltd. Lowers Stake in Arista Networks, Inc. $ANET

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 47.2% in the third quarter, HoldingsChannel.com reports. The fund owned 415,692 shares of the technology company’s stock after selling 371,562 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Arista Networks were worth $60,570,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. AdvisorNet Financial Inc raised its position in Arista Networks by 56.7% during the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares in the last quarter. Richardson Financial Services Inc. lifted its stake in Arista Networks by 141.3% during the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after purchasing an additional 130 shares during the last quarter. Bare Financial Services Inc boosted its holdings in shares of Arista Networks by 2,118.2% in the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after purchasing an additional 233 shares in the last quarter. SJS Investment Consulting Inc. increased its position in shares of Arista Networks by 979.2% during the 3rd quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after purchasing an additional 235 shares during the last quarter. Finally, Guerra Advisors Inc bought a new position in shares of Arista Networks during the 3rd quarter valued at about $41,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Down 0.9%

ANET stock opened at $138.33 on Thursday. The firm’s 50-day moving average price is $134.80 and its two-hundred day moving average price is $137.32. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94. The stock has a market capitalization of $173.81 billion, a price-to-earnings ratio of 50.12, a PEG ratio of 2.48 and a beta of 1.46.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. Arista Networks’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 earnings per share. Equities analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ANET. Evercore restated an “outperform” rating and issued a $200.00 target price on shares of Arista Networks in a research report on Friday, February 13th. UBS Group set a $200.00 price target on shares of Arista Networks in a research report on Tuesday, February 24th. The Goldman Sachs Group reissued a “buy” rating and set a $188.00 price target (up from $165.00) on shares of Arista Networks in a research note on Friday, February 13th. Needham & Company LLC upped their price objective on shares of Arista Networks from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Finally, Wells Fargo & Company increased their target price on shares of Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, February 13th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $176.88.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Yvonne Wassenaar sold 1,815 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total value of $240,378.60. Following the completion of the sale, the director owned 12,574 shares in the company, valued at approximately $1,665,300.56. This trade represents a 12.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $140.43, for a total value of $1,123,440.00. Following the completion of the sale, the director owned 9,784 shares in the company, valued at approximately $1,373,967.12. This represents a 44.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 196,237 shares of company stock valued at $25,865,760 in the last 90 days. Insiders own 3.39% of the company’s stock.

Arista Networks Profile

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.