Pictet Asset Management Ltd. Sells 300 Shares of Arista Networks Inc (NYSE:ANET)

Pictet Asset Management Ltd. decreased its position in Arista Networks Inc (NYSE:ANET) by 1.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 24,103 shares of the technology company’s stock after selling 300 shares during the period. Pictet Asset Management Ltd.’s holdings in Arista Networks were worth $6,258,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Valeo Financial Advisors LLC boosted its holdings in Arista Networks by 24.2% in the second quarter. Valeo Financial Advisors LLC now owns 190 shares of the technology company’s stock valued at $49,000 after acquiring an additional 37 shares in the last quarter. Cigna Investments Inc. New boosted its holdings in Arista Networks by 2.4% in the first quarter. Cigna Investments Inc. New now owns 1,675 shares of the technology company’s stock valued at $528,000 after acquiring an additional 40 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Arista Networks by 46.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 193 shares of the technology company’s stock valued at $61,000 after acquiring an additional 61 shares in the last quarter. Wetherby Asset Management Inc. boosted its holdings in Arista Networks by 0.5% in the second quarter. Wetherby Asset Management Inc. now owns 16,331 shares of the technology company’s stock valued at $4,240,000 after acquiring an additional 77 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. boosted its holdings in Arista Networks by 1.6% in the first quarter. Piedmont Investment Advisors Inc. now owns 5,022 shares of the technology company’s stock valued at $1,579,000 after acquiring an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 58.74% of the company’s stock.

In related news, SVP Marc Taxay sold 2,000 shares of Arista Networks stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $225.20, for a total value of $450,400.00. Following the completion of the sale, the senior vice president now directly owns 13,228 shares in the company, valued at approximately $2,978,945.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 10,876 shares of Arista Networks stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $224.30, for a total value of $2,439,486.80. Following the completion of the sale, the senior vice president now owns 1,971 shares of the company’s stock, valued at $442,095.30. The disclosure for this sale can be found here. Insiders sold a total of 49,810 shares of company stock valued at $12,538,880 over the last quarter. 23.83% of the stock is owned by corporate insiders.

Several analysts recently weighed in on ANET shares. Evercore ISI started coverage on shares of Arista Networks in a report on Wednesday, September 11th. They issued an “inline” rating and a $240.00 price target on the stock. Piper Jaffray Companies reiterated an “overweight” rating and issued a $330.00 price target (down previously from $340.00) on shares of Arista Networks in a report on Friday, June 7th. Goldman Sachs Group set a $290.00 price target on shares of Arista Networks and gave the company a “buy” rating in a report on Friday, August 30th. Morgan Stanley cut their price target on shares of Arista Networks from $300.00 to $275.00 and set an “equal weight” rating on the stock in a report on Friday, June 7th. Finally, Royal Bank of Canada set a $300.00 price target on shares of Arista Networks and gave the company a “buy” rating in a report on Friday, July 19th. Eight research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $303.00.

Arista Networks stock traded down $0.43 on Monday, hitting $243.33. 9,556 shares of the stock traded hands, compared to its average volume of 614,303. The business’s fifty day simple moving average is $236.05 and its 200 day simple moving average is $269.00. The company has a current ratio of 5.77, a quick ratio of 5.17 and a debt-to-equity ratio of 0.04. The firm has a market cap of $18.54 billion, a P/E ratio of 34.41, a price-to-earnings-growth ratio of 1.51 and a beta of 1.55. Arista Networks Inc has a 1 year low of $187.08 and a 1 year high of $331.27.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.46. The firm had revenue of $608.32 million during the quarter, compared to analyst estimates of $606.78 million. Arista Networks had a return on equity of 28.76% and a net margin of 30.86%. Arista Networks’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.93 EPS. As a group, analysts predict that Arista Networks Inc will post 8.67 earnings per share for the current year.

About Arista Networks

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, including universal leaf, spline, and universal spine products.

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

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