LS Investment Advisors LLC Takes Position in Arista Networks, Inc. (ANET)
LS Investment Advisors LLC acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the second quarter, Holdings Channel reports. The fund acquired 794 shares of the technology company’s stock, valued at approximately $119,000.
Other institutional investors also recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Arista Networks during the first quarter valued at about $164,000. Financial Architects Inc raised its position in shares of Arista Networks by 232.0% in the first quarter. Financial Architects Inc now owns 1,255 shares of the technology company’s stock valued at $166,000 after buying an additional 877 shares during the last quarter. Clinton Group Inc. acquired a new position in shares of Arista Networks during the first quarter valued at about $205,000. IFP Advisors Inc raised its position in shares of Arista Networks by 16.5% in the first quarter. IFP Advisors Inc now owns 1,697 shares of the technology company’s stock valued at $224,000 after buying an additional 240 shares during the last quarter. Finally, Soros Fund Management LLC acquired a new position in shares of Arista Networks during the first quarter valued at about $225,000. 60.84% of the stock is owned by hedge funds and other institutional investors.
Arista Networks, Inc. (NYSE:ANET) traded up 0.60% during trading on Friday, hitting $165.69. The stock had a trading volume of 626,892 shares. The company has a market capitalization of $12.02 billion, a P/E 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, Inc. has a 1-year low of $75.27 and a 1-year high of $176.50.
Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates 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 previous year, the business earned $0.74 EPS. The firm’s revenue for the quarter was up 50.8% on a year-over-year basis. Analysts expect that Arista Networks, Inc. will post $4.68 earnings per share for the current year.
Several equities analysts have recently issued reports on the company. Cowen and Company reiterated a “buy” rating and issued a $168.00 price target (up previously from $145.00) on shares of Arista Networks in a research note on Friday, August 4th. Instinet boosted their price objective on Arista Networks from $135.00 to $173.00 and gave the stock a “neutral” rating in a research report on Monday, August 7th. Argus restated a “buy” rating on shares of Arista Networks in a research report on Monday, August 7th. Stifel Nicolaus restated a “hold” rating and set a $165.00 price objective (up previously from $145.00) on shares of Arista Networks in a research report on Wednesday. Finally, Jefferies Group LLC restated a “hold” rating and set a $145.00 price objective (up previously from $120.00) on shares of Arista Networks in a research report on Wednesday. Sixteen equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $153.32.
In related news, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction that occurred 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 SEC, which is available through this hyperlink. Also, Director Daniel Scheinman sold 833 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $151.68, for a total transaction of $126,349.44. Following the completion of the transaction, the director now owns 52,500 shares of the company’s stock, valued at $7,963,200. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 855,843 shares of company stock valued at $138,552,273. 28.09% of the stock is owned by company 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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