Montag & Caldwell LLC cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 69.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Arista Networks by 12.8% in the first quarter. Vanguard Group Inc. now owns 3,514,246 shares of the technology company’s stock worth $464,830,000 after buying an additional 399,688 shares during the period. FMR LLC increased its stake in shares of Arista Networks by 32.2% in the first quarter. FMR LLC now owns 3,288,755 shares of the technology company’s stock worth $435,004,000 after buying an additional 800,465 shares during the period. BlackRock Inc. increased its stake in shares of Arista Networks by 34,238.9% in the first quarter. BlackRock Inc. now owns 1,684,322 shares of the technology company’s stock worth $222,784,000 after buying an additional 1,679,417 shares during the period. Harbour Capital Advisors LLC increased its stake in shares of Arista Networks by 13,502.2% in the second quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock worth $8,200,000 after buying an additional 1,219,248 shares during the period. Finally, William Blair Investment Management LLC increased its stake in shares of Arista Networks by 9.1% in the first quarter. William Blair Investment Management LLC now owns 1,136,817 shares of the technology company’s stock worth $150,367,000 after buying an additional 94,484 shares during the period. 60.84% of the stock is currently owned by institutional investors and hedge funds.

Shares of Arista Networks, Inc. (NYSE ANET) opened at 165.69 on Friday. The firm has a market capitalization of $12.02 billion, a PE ratio of 42.76 and a beta of 1.33. Arista Networks, Inc. has a 52-week low of $75.27 and a 52-week high of $176.50. The company’s 50-day moving average is $155.27 and its 200 day moving average is $136.66.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating the 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 firm had revenue of $405.21 million during the quarter, compared to the consensus estimate of $361.02 million. During the same quarter in the previous year, the company posted $0.74 EPS. The firm’s revenue for the quarter was up 50.8% on a year-over-year basis. Equities analysts expect that Arista Networks, Inc. will post $4.68 earnings per share for the current fiscal year.

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A number of analysts recently issued reports on ANET shares. CIBC reissued a “buy” rating and set a $160.00 price target on shares of Arista Networks in a report on Friday, May 5th. Oppenheimer Holdings, Inc. set a $160.00 price target on shares of Arista Networks and gave the stock a “buy” rating in a report on Thursday, May 4th. Cowen and Company increased their price target on shares of Arista Networks from $123.00 to $145.00 and gave the stock an “outperform” rating in a report on Monday, May 15th. Zacks Investment Research downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $115.00 price target on shares of Arista Networks in a report on Tuesday, May 2nd. Sixteen analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Arista Networks currently has a consensus rating of “Buy” and an average target price of $153.32.

In other news, Director Daniel Scheinman sold 833 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were 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 approximately $7,963,200. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jayshree Ullal sold 63,928 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $147.19, for a total transaction of $9,409,562.32. Following the transaction, the insider now directly owns 1,288 shares of the company’s stock, valued at approximately $189,580.72. The disclosure for this sale can be found here. Insiders sold a total of 855,843 shares of company stock valued at $138,552,273 in the last three months. 28.09% of the stock is currently owned by corporate 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.

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

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