Empirical Finance LLC Takes $231,000 Position in Arista Networks, Inc. (ANET)
Empirical Finance LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 1,218 shares of the technology company’s stock, valued at approximately $231,000.
Several other large investors have also made changes to their positions in the company. State Board of Administration of Florida Retirement System lifted its stake in shares of Arista Networks by 2.2% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 66,786 shares of the technology company’s stock valued at $12,663,000 after purchasing an additional 1,450 shares during the period. Decatur Capital Management Inc. acquired a new position in shares of Arista Networks in the 3rd quarter valued at about $11,637,000. Andra AP fonden increased its position in Arista Networks by 87.5% in the 3rd quarter. Andra AP fonden now owns 12,000 shares of the technology company’s stock valued at $2,275,000 after buying an additional 5,600 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Arista Networks by 99.8% in the 3rd quarter. Canada Pension Plan Investment Board now owns 85,900 shares of the technology company’s stock valued at $16,287,000 after buying an additional 42,900 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in Arista Networks by 528.5% in the 3rd quarter. Victory Capital Management Inc. now owns 103,655 shares of the technology company’s stock valued at $19,654,000 after buying an additional 87,162 shares in the last quarter. 59.43% of the stock is currently owned by institutional investors.
A number of analysts recently commented on ANET shares. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $175.00 target price (up from $150.00) on shares of Arista Networks in a research report on Wednesday, July 12th. Jefferies Group LLC reissued a “hold” rating and set a $120.00 price objective on shares of Arista Networks in a report on Friday, July 14th. Deutsche Bank AG reissued a “buy” rating and set a $165.00 price objective (up from $156.00) on shares of Arista Networks in a report on Monday, July 17th. Stifel Nicolaus reissued a “hold” rating and set a $145.00 price objective on shares of Arista Networks in a report on Friday, July 21st. Finally, BidaskClub lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Fifteen research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Arista Networks presently has an average rating of “Buy” and a consensus target price of $180.21.
Shares of Arista Networks, Inc. (NYSE ANET) traded up $2.52 during mid-day trading on Monday, reaching $204.01. 126,877 shares of the company’s stock traded hands, compared to its average volume of 762,498. The stock has a market cap of $14,729.05, a PE ratio of 48.44, a P/E/G ratio of 2.56 and a beta of 1.31. Arista Networks, Inc. has a 1-year low of $79.05 and a 1-year high of $202.15. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.60 and a current ratio of 3.19.
Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, topping the consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 25.10% and a return on equity of 26.23%. The business had revenue of $405.21 million for the quarter, compared to analysts’ expectations of $361.02 million. During the same quarter in the previous year, the company earned $0.74 EPS. The business’s quarterly revenue was up 50.8% compared to the same quarter last year. research analysts forecast that Arista Networks, Inc. will post 4.08 EPS for the current fiscal year.
In other Arista Networks news, insider Anshul Sadana sold 12,000 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $189.95, for a total value of $2,279,400.00. Following the transaction, the insider now directly owns 86,788 shares in the company, valued at approximately $16,485,380.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kenneth Duda sold 8,827 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $168.06, for a total transaction of $1,483,465.62. Following the completion of the transaction, the senior vice president now owns 1,202 shares in the company, valued at $202,008.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,789 shares of company stock worth $9,016,392. Insiders own 28.09% of the company’s stock.
Arista Networks Company Profile
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.
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