Arista Networks, Inc. (NYSE:ANET) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 26.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 48,185 shares of the technology company’s stock after selling 16,896 shares during the period. Fred Alger Management LLC’s holdings in Arista Networks were worth $16,888,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ANET. UniSuper Management Pty Ltd raised its position in shares of Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after buying an additional 6,133 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Arista Networks during the first quarter worth $1,405,000. M&G Plc purchased a new stake in Arista Networks in the first quarter valued at $3,238,000. Nordea Investment Management AB lifted its stake in shares of Arista Networks by 32.5% in the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after purchasing an additional 6,578 shares during the last quarter. Finally, Cim LLC purchased a new position in shares of Arista Networks during the 4th quarter worth $2,589,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 0.8 %

Shares of ANET opened at $388.16 on Thursday. The firm has a market capitalization of $121.94 billion, a price-to-earnings ratio of 54.06, a PEG ratio of 3.04 and a beta of 1.07. The firm’s fifty day simple moving average is $342.59 and its 200-day simple moving average is $318.42. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $390.00.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. Arista Networks’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period last year, the firm earned $1.41 earnings per share. On average, analysts predict that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the transaction, the director now directly owns 2,726 shares of the company’s stock, valued at approximately $883,278.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,361 shares of company stock valued at $29,349,123. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the topic of a number of recent analyst reports. UBS Group upped their target price on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Needham & Company LLC restated a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a report on Wednesday, July 31st. Rosenblatt Securities lifted their target price on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $363.25.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.