Highland Capital Management LLC Purchases New Position in Arista Networks, Inc. (NYSE:ANET)

Highland Capital Management LLC bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the 3rd quarter, Holdings Channel reports. The fund bought 5,680 shares of the technology company’s stock, valued at approximately $2,180,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GQG Partners LLC purchased a new position in shares of Arista Networks during the 1st quarter worth approximately $881,848,000. Swedbank AB purchased a new stake in Arista Networks in the first quarter worth $521,767,000. Ameriprise Financial Inc. lifted its position in Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after buying an additional 884,703 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Arista Networks by 39,841.1% during the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after buying an additional 872,919 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its position in shares of Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after buying an additional 503,597 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In related news, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total value of $7,893,800.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at $1,280,374.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 58,570 shares of company stock valued at $21,474,782 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. KeyCorp raised their price objective on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Barclays boosted their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Wells Fargo & Company increased their target price on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Evercore ISI boosted their price target on Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Citigroup lifted their price objective on Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

Arista Networks Trading Down 0.4 %

Arista Networks stock opened at $394.09 on Friday. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $422.73. The firm has a market capitalization of $123.49 billion, a price-to-earnings ratio of 54.89, a P/E/G ratio of 3.21 and a beta of 1.07. The firm has a 50 day moving average of $372.10 and a 200 day moving average of $335.14.

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

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.