First Trust Advisors LP raised its position in Arista Networks, Inc. (NYSE:ANET) by 1.2% during the second quarter, Holdings Channel reports. The fund owned 801,191 shares of the technology company’s stock after buying an additional 9,596 shares during the period. First Trust Advisors LP’s holdings in Arista Networks were worth $120,010,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in ANET. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in Arista Networks during the second quarter valued at about $914,000. Schwab Charles Investment Management Inc. raised its stake in Arista Networks by 6.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 119,676 shares of the technology company’s stock valued at $17,927,000 after buying an additional 7,361 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Arista Networks during the second quarter valued at about $6,441,000. Sanctuary Wealth Advisors LLC purchased a new stake in Arista Networks during the second quarter valued at about $3,419,000. Finally, Pictet Asset Management Ltd. purchased a new stake in Arista Networks during the second quarter valued at about $2,167,000. Hedge funds and other institutional investors own 60.84% of the company’s stock.

Arista Networks, Inc. (NYSE ANET) opened at 164.70 on Friday. Arista Networks, Inc. has a 52 week low of $75.06 and a 52 week high of $176.50. The company has a market cap of $11.95 billion, a P/E ratio of 42.50 and a beta of 1.33. The company’s 50-day moving average is $155.07 and its 200-day moving average is $136.12.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The company had revenue of $405.21 million during the quarter, compared to analyst estimates of $361.02 million. During the same period in the prior year, the business posted $0.74 EPS. The firm’s revenue was up 50.8% compared to the same quarter last year. On average, analysts anticipate that Arista Networks, Inc. will post $4.68 EPS for the current fiscal year.

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Several research firms recently issued reports on ANET. UBS AG increased their price target on shares of Arista Networks from $120.00 to $150.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 31st. Argus reiterated a “buy” rating on shares of Arista Networks in a research report on Monday. Stifel Nicolaus reiterated a “hold” rating and set a $165.00 price target (up previously from $145.00) on shares of Arista Networks in a research report on Wednesday. Jefferies Group LLC reiterated a “hold” rating and set a $145.00 price target (up previously from $120.00) on shares of Arista Networks in a research report on Wednesday. Finally, William Blair upgraded shares of Arista Networks from a “market perform” rating to an “outperform” rating in a research report on Friday, August 4th. Sixteen investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Arista Networks has an average rating of “Buy” and a consensus target price of $153.32.

In other Arista Networks news, SVP Marc Taxay sold 2,000 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $147.51, for a total value of $295,020.00. Following the completion of the transaction, the senior vice president now directly owns 11,775 shares in the company, valued at approximately $1,736,930.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jayshree Ullal sold 148,989 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $173.74, for a total transaction of $25,885,348.86. Following the completion of the transaction, the insider now owns 2,576 shares of the company’s stock, valued at $447,554.24. The disclosure for this sale can be found here. Insiders have sold a total of 855,843 shares of company stock valued at $138,552,273 over the last quarter. 28.09% of the stock is currently owned by company insiders.

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.

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

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