Sumitomo Mitsui Asset Management Company LTD Reduces Stake in Arista Networks, Inc. (ANET)
Sumitomo Mitsui Asset Management Company LTD reduced its position in Arista Networks, Inc. (NYSE:ANET) by 63.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 92,231 shares of the technology company’s stock after selling 160,950 shares during the period. Sumitomo Mitsui Asset Management Company LTD owned approximately 0.13% of Arista Networks worth $17,487,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in shares of Arista Networks by 20.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after buying an additional 126 shares during the last quarter. LS Investment Advisors LLC purchased a new position in shares of Arista Networks in the 2nd quarter worth $119,000. D.A. Davidson & CO. boosted its stake in shares of Arista Networks by 3.2% in the 2nd quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock worth $147,000 after buying an additional 30 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Arista Networks in the 1st quarter worth $164,000. Finally, Daiwa Securities Group Inc. purchased a new position in shares of Arista Networks in the 2nd quarter worth $202,000. Hedge funds and other institutional investors own 59.38% of the company’s stock.
In related news, insider Anshul Sadana sold 12,000 shares of Arista Networks stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $189.95, for a total value of $2,279,400.00. Following the completion of the sale, the insider now owns 86,788 shares in the company, valued at approximately $16,485,380.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jayshree Ullal sold 200,268 shares of Arista Networks stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $173.37, for a total transaction of $34,720,463.16. The disclosure for this sale can be found here. Insiders sold a total of 399,046 shares of company stock valued at $69,622,204 in the last quarter. 28.09% of the stock is owned by insiders.
A number of research firms have recently issued reports on ANET. BidaskClub upgraded Arista Networks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Deutsche Bank AG restated a “buy” rating and issued a $210.00 price target (up from $185.00) on shares of Arista Networks in a research note on Monday, October 9th. Berenberg Bank started coverage on Arista Networks in a research note on Tuesday, September 26th. They issued a “buy” rating and a $225.00 price target on the stock. JMP Securities lifted their target price on Arista Networks from $185.00 to $230.00 and gave the company a “market perform” rating in a research report on Thursday, October 26th. Finally, KeyCorp reiterated a “buy” rating and set a $200.00 target price on shares of Arista Networks in a research report on Friday, September 29th. Sixteen equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $170.22.
Shares of Arista Networks, Inc. (NYSE:ANET) traded up 1.89% on Tuesday, hitting $199.86. The company’s stock had a trading volume of 194,193 shares. Arista Networks, Inc. has a one year low of $79.05 and a one year high of $200.82. The stock has a 50-day moving average price of $187.74 and a 200 day moving average price of $163.03. The firm has a market cap of $14.50 billion, a price-to-earnings ratio of 51.58 and a beta of 1.31.
Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating the Thomson Reuters’ 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 last year, the firm earned $0.74 EPS. The firm’s revenue for the quarter was up 50.8% on a year-over-year basis. Equities research analysts predict that Arista Networks, Inc. will post $4.71 EPS for the current 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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