Montag & Caldwell LLC decreased its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 69.8% during the second quarter, Holdings Channel reports. The firm owned 2,399 shares of the technology company’s stock after selling 5,554 shares during the period. Montag & Caldwell LLC’s holdings in Arista Networks were worth $359,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in ANET. Rhumbline Advisers boosted its position in Arista Networks by 28.2% in the second quarter. Rhumbline Advisers now owns 62,524 shares of the technology company’s stock valued at $9,365,000 after buying an additional 13,772 shares during the period. First Trust Advisors LP boosted its position in Arista Networks by 1.2% in the second quarter. First Trust Advisors LP now owns 801,191 shares of the technology company’s stock valued at $120,010,000 after buying an additional 9,596 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in Arista Networks during the second quarter valued at approximately $914,000. Schwab Charles Investment Management Inc. boosted its position 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 during the period. Finally, Canada Pension Plan Investment Board acquired a new position in Arista Networks during the second quarter valued at approximately $6,441,000. Institutional investors own 60.84% of the company’s stock.

Arista Networks, Inc. (ANET) opened at 165.69 on Friday. Arista Networks, Inc. has a one year low of $75.27 and a one year high of $176.50. The firm has a market capitalization of $12.02 billion, a price-to-earnings ratio of 42.76 and a beta of 1.33. The stock’s 50 day moving average price is $155.27 and its 200-day moving average price is $136.66.

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

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Several research firms have recently commented on ANET. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $180.00 target price (up from $160.00) on shares of Arista Networks in a research note on Wednesday. Jefferies Group LLC reiterated a “hold” rating and set a $145.00 target price (up from $120.00) on shares of Arista Networks in a research note on Wednesday. Stifel Nicolaus reiterated a “hold” rating and set a $165.00 target price (up from $145.00) on shares of Arista Networks in a research note on Wednesday. Argus reiterated a “buy” rating on shares of Arista Networks in a research note on Monday, August 7th. Finally, Instinet increased their target price on Arista Networks from $135.00 to $173.00 and gave the company a “neutral” rating in a research note on Monday, August 7th. Sixteen investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $153.32.

In other Arista Networks news, insider Jayshree Ullal sold 63,928 shares of Arista Networks stock in a transaction on Monday, May 15th. The stock was sold at an average price of $147.19, for a total value of $9,409,562.32. Following the completion of the transaction, the insider now owns 1,288 shares in the company, valued at approximately $189,580.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Anshul Sadana sold 12,000 shares of Arista Networks stock in a transaction on Monday, July 17th. The shares were sold at an average price of $154.51, for a total value of $1,854,120.00. Following the completion of the transaction, the insider now owns 99,841 shares of the company’s stock, valued at approximately $15,426,432.91. The disclosure for this sale can be found here. In the last ninety days, insiders sold 855,843 shares of company stock worth $138,552,273. 28.09% of the stock is owned by insiders.

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

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