Prelude Capital Management LLC Invests $356,000 in Arista Networks, Inc. (NYSE:ANET)

Prelude Capital Management LLC bought a new stake in Arista Networks, Inc. (NYSE:ANETFree Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,120 shares of the technology company’s stock, valued at approximately $356,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ANET. Sheets Smith Wealth Management purchased a new position in shares of Arista Networks in the first quarter worth about $304,000. Hollencrest Capital Management purchased a new position in Arista Networks during the 1st quarter worth approximately $30,000. TFC Financial Management Inc. lifted its stake in Arista Networks by 131.0% during the 1st quarter. TFC Financial Management Inc. now owns 194 shares of the technology company’s stock valued at $33,000 after acquiring an additional 110 shares during the period. McIlrath & Eck LLC boosted its holdings in shares of Arista Networks by 139.6% in the 1st quarter. McIlrath & Eck LLC now owns 254 shares of the technology company’s stock valued at $43,000 after acquiring an additional 148 shares during the last quarter. Finally, Close Asset Management Ltd acquired a new stake in shares of Arista Networks in the first quarter worth $43,000. Hedge funds and other institutional investors own 67.13% of the company’s stock.

Analysts Set New Price Targets

ANET has been the subject of a number of research reports. Citigroup upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their target price for the company from $177.00 to $220.00 in a research report on Thursday, August 31st. JMP Securities reiterated a “market outperform” rating and set a $200.00 price target on shares of Arista Networks in a research report on Tuesday, August 1st. Wells Fargo & Company upped their price objective on Arista Networks from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 1st. Rosenblatt Securities lifted their target price on shares of Arista Networks from $190.00 to $230.00 and gave the company a “buy” rating in a report on Thursday. Finally, StockNews.com assumed coverage on shares of Arista Networks in a report on Thursday, August 17th. They set a “hold” rating on the stock. Three investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $199.40.

Read Our Latest Stock Report on ANET

Insider Buying and Selling at Arista Networks

In other news, COO Anshul Sadana sold 25,212 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $180.11, for a total transaction of $4,540,933.32. Following the transaction, the chief operating officer now directly owns 25,378 shares in the company, valued at approximately $4,570,831.58. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Arista Networks news, insider John F. Mccool sold 1,000 shares of Arista Networks stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $197.78, for a total transaction of $197,780.00. Following the transaction, the insider now directly owns 144 shares of the company’s stock, valued at $28,480.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Anshul Sadana sold 25,212 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $180.11, for a total transaction of $4,540,933.32. Following the completion of the sale, the chief operating officer now directly owns 25,378 shares of the company’s stock, valued at approximately $4,570,831.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 141,212 shares of company stock worth $25,709,648. Insiders own 18.99% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $184.72 on Monday. Arista Networks, Inc. has a 1 year low of $98.20 and a 1 year high of $198.70. The firm has a market capitalization of $57.19 billion, a PE ratio of 34.14, a P/E/G ratio of 1.83 and a beta of 1.17. The business’s 50 day moving average price is $179.32 and its 200-day moving average price is $163.97.

Arista Networks (NYSE:ANETGet Free Report) last announced its earnings results on Monday, July 31st. The technology company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.29. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Arista Networks had a net margin of 32.48% and a return on equity of 31.19%. The firm’s quarterly revenue was up 38.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.98 EPS. As a group, analysts expect that Arista Networks, Inc. will post 5.49 earnings per share for the current year.

Arista Networks Company Profile

(Free Report)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

Further Reading

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

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