Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Arista Networks Inc (NYSE:ANET) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 794 shares of the technology company’s stock, valued at approximately $211,000.
Several other hedge funds have also bought and sold shares of the stock. Alps Advisors Inc. lifted its position in shares of Arista Networks by 6.9% during the 2nd quarter. Alps Advisors Inc. now owns 2,820 shares of the technology company’s stock valued at $664,000 after acquiring an additional 183 shares during the period. CIBC Asset Management Inc lifted its position in shares of Arista Networks by 6.4% during the 2nd quarter. CIBC Asset Management Inc now owns 3,259 shares of the technology company’s stock worth $839,000 after buying an additional 196 shares during the last quarter. Pittenger & Anderson Inc. lifted its position in shares of Arista Networks by 5.8% during the 2nd quarter. Pittenger & Anderson Inc. now owns 4,083 shares of the technology company’s stock worth $1,051,000 after buying an additional 223 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Arista Networks by 0.3% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 72,466 shares of the technology company’s stock worth $19,266,000 after buying an additional 243 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in shares of Arista Networks by 10.2% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 3,029 shares of the technology company’s stock worth $780,000 after buying an additional 281 shares during the last quarter. 58.54% of the stock is currently owned by institutional investors and hedge funds.
Arista Networks stock traded down $4.04 during mid-day trading on Friday, reaching $193.17. The stock had a trading volume of 1,437,724 shares, compared to its average volume of 1,069,108. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.11 and a current ratio of 4.51. Arista Networks Inc has a fifty-two week low of $191.76 and a fifty-two week high of $313.37. The stock has a market capitalization of $15.24 billion, a PE ratio of 41.54, a price-to-earnings-growth ratio of 1.36 and a beta of 1.56.
Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, November 1st. The technology company reported $1.83 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $563.31 million during the quarter, compared to analysts’ expectations of $548.81 million. During the same quarter last year, the firm posted $1.62 earnings per share. The company’s revenue for the quarter was up 28.7% compared to the same quarter last year. Research analysts forecast that Arista Networks Inc will post 6.84 EPS for the current year.
In other Arista Networks news, SVP Marc Taxay sold 2,000 shares of the firm’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $263.31, for a total value of $526,620.00. Following the completion of the sale, the senior vice president now directly owns 16,963 shares of the company’s stock, valued at $4,466,527.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 11,000 shares of the firm’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $229.24, for a total value of $2,521,640.00. Following the completion of the sale, the senior vice president now directly owns 2,664 shares of the company’s stock, valued at $610,695.36. The disclosure for this sale can be found here. Insiders sold 43,158 shares of company stock worth $10,086,986 in the last 90 days. Corporate insiders own 24.95% of the company’s stock.
Several brokerages recently weighed in on ANET. Morgan Stanley downgraded Arista Networks from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective for the company. in a research report on Tuesday, September 4th. UBS Group began coverage on Arista Networks in a research report on Wednesday, September 26th. They issued a “neutral” rating and a $290.00 target price for the company. William Blair reiterated an “outperform” rating on shares of Arista Networks in a research report on Monday, September 17th. Berenberg Bank set a $350.00 target price on Arista Networks and gave the company a “buy” rating in a research report on Wednesday, September 19th. Finally, Deutsche Bank reiterated a “sell” rating and issued a $180.00 target price on shares of Arista Networks in a research report on Monday, September 10th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $295.40.
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About Arista Networks
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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