Pacer Advisors Inc. increased its holdings in shares of Arista Networks Inc (NYSE:ANET) by 16.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,384 shares of the technology company’s stock after purchasing an additional 1,787 shares during the quarter. Pacer Advisors Inc.’s holdings in Arista Networks were worth $2,601,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Advisory Group Advisory Services LLC bought a new stake in Arista Networks during the 1st quarter worth approximately $34,000. Pearl River Capital LLC bought a new stake in Arista Networks during the 1st quarter worth approximately $35,000. Eudaimonia Partners LLC bought a new stake in Arista Networks during the 1st quarter worth approximately $39,000. Meeder Asset Management Inc. increased its stake in Arista Networks by 154.3% during the 1st quarter. Meeder Asset Management Inc. now owns 206 shares of the technology company’s stock worth $41,000 after purchasing an additional 125 shares in the last quarter. Finally, EPG Wealth Management LLC bought a new stake in Arista Networks during the 1st quarter worth approximately $42,000. 61.56% of the stock is owned by institutional investors and hedge funds.
Shares of Arista Networks stock opened at $259.77 on Friday. The business has a fifty day simple moving average of $221.16 and a two-hundred day simple moving average of $214.07. Arista Networks Inc has a 1 year low of $156.63 and a 1 year high of $279.24. The company has a market capitalization of $19.67 billion, a price-to-earnings ratio of 26.24, a P/E/G ratio of 3.88 and a beta of 1.16. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.82 and a quick ratio of 5.37.
Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.21. The firm had revenue of $523.00 million for the quarter, compared to analysts’ expectations of $517.45 million. Arista Networks had a return on equity of 24.82% and a net margin of 35.61%. The company’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.31 EPS. As a group, equities analysts anticipate that Arista Networks Inc will post 7.31 earnings per share for the current fiscal year.
In other Arista Networks news, SVP Kenneth Duda sold 10,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $221.60, for a total transaction of $2,216,000.00. Following the transaction, the senior vice president now owns 15,294 shares in the company, valued at approximately $3,389,150.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Anshul Sadana sold 10,790 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $230.12, for a total value of $2,482,994.80. Following the transaction, the chief operating officer now owns 6,704 shares in the company, valued at approximately $1,542,724.48. The disclosure for this sale can be found here. Insiders have sold a total of 71,041 shares of company stock worth $16,265,307 in the last quarter. Company insiders own 23.77% of the company’s stock.
ANET has been the subject of several research reports. Bank of America raised their price target on shares of Arista Networks from $220.00 to $230.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Morgan Stanley raised their price target on shares of Arista Networks from $205.00 to $215.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 21st. Piper Sandler cut shares of Arista Networks from an “overweight” rating to a “neutral” rating in a research note on Sunday, April 19th. Zacks Investment Research raised shares of Arista Networks from a “hold” rating to a “buy” rating and set a $245.00 price target for the company in a research note on Monday, June 1st. Finally, Nomura Instinet raised their price target on shares of Arista Networks from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Twenty equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $215.04.
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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