Trexquant Investment LP lifted its position in Arista Networks Inc (NYSE:ANET) by 72.0% during the third quarter, Holdings Channel reports. The fund owned 15,577 shares of the technology company’s stock after acquiring an additional 6,523 shares during the period. Trexquant Investment LP’s holdings in Arista Networks were worth $4,141,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Arista Networks by 30.2% in the 3rd quarter. BlackRock Inc. now owns 3,653,518 shares of the technology company’s stock valued at $971,324,000 after buying an additional 847,974 shares during the period. FMR LLC boosted its stake in Arista Networks by 4.1% in the third quarter. FMR LLC now owns 2,896,554 shares of the technology company’s stock valued at $770,078,000 after acquiring an additional 115,383 shares during the period. Jackson Square Partners LLC boosted its stake in Arista Networks by 24.2% in the third quarter. Jackson Square Partners LLC now owns 1,376,995 shares of the technology company’s stock valued at $366,087,000 after acquiring an additional 268,089 shares during the period. JPMorgan Chase & Co. boosted its stake in Arista Networks by 0.8% in the third quarter. JPMorgan Chase & Co. now owns 1,186,513 shares of the technology company’s stock valued at $315,445,000 after acquiring an additional 9,105 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Arista Networks by 41.6% in the third quarter. Alliancebernstein L.P. now owns 1,129,068 shares of the technology company’s stock valued at $300,174,000 after acquiring an additional 331,941 shares during the period. 57.76% of the stock is currently owned by hedge funds and other institutional investors.
ANET has been the subject of a number of research reports. Credit Suisse Group set a $311.00 target price on Arista Networks and gave the company a “buy” rating in a research note on Thursday, October 4th. Goldman Sachs Group downgraded Arista Networks from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, October 4th. KeyCorp restated a “buy” rating and issued a $310.00 target price on shares of Arista Networks in a research note on Friday, August 3rd. DA Davidson lifted their target price on Arista Networks from $300.00 to $312.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Finally, Argus lifted their target price on Arista Networks to $320.00 and gave the company a “buy” rating in a research note on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $293.48.
Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, November 1st. The technology company reported $1.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.21. The business had revenue of $563.31 million during the quarter, compared to the consensus estimate of $548.81 million. Arista Networks had a return on equity of 29.06% and a net margin of 28.05%. The business’s revenue was up 28.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.62 earnings per share. On average, analysts predict that Arista Networks Inc will post 6.84 earnings per share for the current year.
In other news, insider Andreas Bechtolsheim sold 31,917 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $303.00, for a total transaction of $9,670,851.00. Following the completion of the transaction, the insider now directly owns 4,144 shares in the company, valued at $1,255,632. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jayshree Ullal sold 64,750 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $305.94, for a total value of $19,809,615.00. Following the transaction, the chief executive officer now owns 14,704 shares of the company’s stock, valued at $4,498,541.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 138,711 shares of company stock valued at $39,745,046. Insiders own 24.95% of the company’s stock.
Arista Networks Profile
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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