Prudential Financial Inc. boosted its position in shares of Arista Networks Inc (NYSE:ANET) by 1,172.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 109,288 shares of the technology company’s stock after acquiring an additional 100,697 shares during the quarter. Prudential Financial Inc. owned 0.15% of Arista Networks worth $29,055,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Dupont Capital Management Corp purchased a new position in shares of Arista Networks in the 3rd quarter valued at about $109,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new position in shares of Arista Networks in the 2nd quarter valued at about $129,000. Signet Financial Management LLC purchased a new position in shares of Arista Networks in the 2nd quarter valued at about $142,000. Bbva Compass Bancshares Inc. purchased a new position in shares of Arista Networks in the 3rd quarter valued at about $157,000. Finally, Foundry Partners LLC purchased a new position in shares of Arista Networks in the 3rd quarter valued at about $200,000. Institutional investors own 57.76% of the company’s stock.
ANET has been the subject of several recent research reports. Zacks Investment Research cut Arista Networks from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. Morgan Stanley cut Arista Networks from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective for the company. in a research note on Tuesday, September 4th. William Blair reiterated an “outperform” rating on shares of Arista Networks in a research note on Monday, September 17th. Goldman Sachs Group cut Arista Networks from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, October 4th. Finally, Credit Suisse Group set a $315.00 price objective on Arista Networks and gave the company a “buy” rating in a research note on Friday, November 2nd. One analyst has rated the stock with a sell rating, twelve have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Arista Networks presently has a consensus rating of “Buy” and a consensus price target of $293.48.
Shares of NYSE ANET opened at $219.24 on Friday. The company has a current ratio of 4.51, a quick ratio of 4.11 and a debt-to-equity ratio of 0.02. Arista Networks Inc has a fifty-two week low of $206.86 and a fifty-two week high of $313.37. The stock has a market cap of $16.54 billion, a PE ratio of 33.99, a price-to-earnings-growth ratio of 1.51 and a beta of 1.56.
Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, November 1st. The technology company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.21. Arista Networks had a return on equity of 29.06% and a net margin of 28.05%. The business had revenue of $563.31 million for the quarter, compared to analyst estimates of $548.81 million. During the same quarter last year, the company earned $1.62 EPS. The business’s quarterly revenue was up 28.7% on a year-over-year basis. Equities analysts forecast that Arista Networks Inc will post 6.84 EPS for the current year.
Arista Networks Company 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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