JPMorgan Chase & Co. Has $169.55 Million Stake in Arista Networks, Inc. (ANET)
JPMorgan Chase & Co. decreased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 11.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,131,891 shares of the technology company’s stock after selling 145,628 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.57% of Arista Networks worth $169,546,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in ANET. LS Investment Advisors LLC acquired a new position in shares of Arista Networks during the 2nd quarter worth $119,000. SG Americas Securities LLC acquired a new position in Arista Networks in the 1st quarter valued at $164,000. Daiwa Securities Group Inc. acquired a new position in Arista Networks in the 2nd quarter valued at $202,000. Clinton Group Inc. acquired a new position in Arista Networks in the 1st quarter valued at $205,000. Finally, Financial Architects Inc grew its stake in Arista Networks by 17.9% in the 2nd quarter. Financial Architects Inc now owns 1,480 shares of the technology company’s stock valued at $222,000 after buying an additional 225 shares during the last quarter. Institutional investors own 59.40% of the company’s stock.
A number of research analysts recently issued reports on the stock. Cowen and Company reiterated a “buy” rating and issued a $168.00 target price (up from $145.00) on shares of Arista Networks in a research note on Friday, August 4th. Argus reiterated a “buy” rating on shares of Arista Networks in a research note on Monday, August 7th. Instinet raised their target price on shares of Arista Networks from $135.00 to $173.00 and gave the company a “neutral” rating in a research note on Monday, August 7th. Stifel Nicolaus reiterated a “hold” rating and issued a $165.00 target price (up from $145.00) on shares of Arista Networks in a research note on Wednesday, August 9th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $145.00 target price (up from $120.00) on shares of Arista Networks in a research note on Wednesday, August 9th. Sixteen investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Arista Networks presently has a consensus rating of “Buy” and an average price target of $154.40.
In other news, SVP Kenneth Duda sold 9,539 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $156.19, for a total transaction of $1,489,896.41. Following the completion of the sale, the senior vice president now owns 1,202 shares of the company’s stock, valued at approximately $187,740.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ita M. Brennan sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $176.12, for a total transaction of $616,420.00. Following the sale, the insider now directly owns 16,903 shares of the company’s stock, valued at approximately $2,976,956.36. The disclosure for this sale can be found here. Insiders have sold a total of 653,205 shares of company stock valued at $108,964,367 in the last three months. Insiders own 28.09% of the company’s stock.
Shares of Arista Networks, Inc. (NYSE ANET) opened at 172.73 on Thursday. Arista Networks, Inc. has a 12 month low of $78.16 and a 12 month high of $179.71. The stock’s 50 day moving average is $165.49 and its 200 day moving average is $146.63. The firm has a market cap of $12.53 billion, a PE ratio of 44.58 and a beta of 1.30.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.15. The business had revenue of $405.21 million during the quarter, compared to the consensus estimate of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The company’s revenue for the quarter was up 50.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.74 EPS. Analysts forecast that Arista Networks, Inc. will post $4.69 EPS for the current fiscal year.
Arista Networks 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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