Arista Networks, Inc. $ANET is AQR Capital Management LLC’s 9th Largest Position

AQR Capital Management LLC grew its position in Arista Networks, Inc. (NYSE:ANET) by 13.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,742,112 shares of the technology company’s stock after acquiring an additional 1,022,303 shares during the period. Arista Networks comprises approximately 0.7% of AQR Capital Management LLC’s investment portfolio, making the stock its 9th biggest position. AQR Capital Management LLC owned approximately 0.70% of Arista Networks worth $892,919,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new position in Arista Networks during the second quarter worth $1,228,177,000. Nordea Investment Management AB increased its stake in shares of Arista Networks by 193.3% during the second quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock worth $721,342,000 after purchasing an additional 4,656,021 shares in the last quarter. Amundi boosted its holdings in Arista Networks by 35.3% in the 1st quarter. Amundi now owns 8,582,109 shares of the technology company’s stock worth $611,852,000 after buying an additional 2,240,045 shares during the last quarter. Alliancebernstein L.P. increased its stake in Arista Networks by 9.0% during the 1st quarter. Alliancebernstein L.P. now owns 22,959,214 shares of the technology company’s stock worth $1,778,880,000 after buying an additional 1,889,198 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Arista Networks by 123.0% during the second quarter. Robeco Institutional Asset Management B.V. now owns 3,068,064 shares of the technology company’s stock valued at $313,894,000 after acquiring an additional 1,692,467 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 58,000 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $148.42, for a total transaction of $8,608,360.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the completion of the transaction, the chief executive officer directly owned 9,917 shares in the company, valued at $1,235,162.35. This represents a 70.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 274,464 shares of company stock worth $38,250,488 in the last quarter. Company insiders own 3.39% of the company’s stock.

Arista Networks Trading Down 7.1%

Shares of NYSE ANET opened at $124.83 on Friday. The stock has a market cap of $157.20 billion, a P/E ratio of 47.46, a PEG ratio of 2.57 and a beta of 1.41. The business’s fifty day simple moving average is $138.96 and its 200-day simple moving average is $126.44. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm’s quarterly revenue was up 27.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.40 earnings per share. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on ANET. Morgan Stanley set a $171.00 price target on Arista Networks and gave the stock an “overweight” rating in a research report on Friday, October 10th. Wells Fargo & Company upped their target price on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Needham & Company LLC increased their target price on shares of Arista Networks from $155.00 to $160.00 and gave the company a “buy” rating in a research report on Tuesday, September 16th. Erste Group Bank lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Evercore ISI boosted their price objective on Arista Networks from $150.00 to $175.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $164.31.

Arista Networks Profile

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.