State Street Corp Raises Position in Arista Networks, Inc. $ANET

State Street Corp grew its stake in Arista Networks, Inc. (NYSE:ANET) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,096,575 shares of the technology company’s stock after purchasing an additional 61,201 shares during the quarter. State Street Corp’s holdings in Arista Networks were worth $4,716,141,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ANET. Bare Financial Services Inc boosted its holdings in Arista Networks by 2,118.2% during the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after acquiring an additional 233 shares during the last quarter. REAP Financial Group LLC lifted its position in shares of Arista Networks by 108.0% during the second quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after purchasing an additional 175 shares in the last quarter. Solstein Capital LLC boosted its holdings in Arista Networks by 493.8% during the second quarter. Solstein Capital LLC now owns 380 shares of the technology company’s stock worth $39,000 after purchasing an additional 316 shares during the last quarter. Saudi Central Bank bought a new stake in Arista Networks in the 1st quarter worth about $33,000. Finally, Hemington Wealth Management increased its stake in Arista Networks by 28.2% in the 2nd quarter. Hemington Wealth Management now owns 459 shares of the technology company’s stock valued at $46,000 after buying an additional 101 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Arista Networks news, insider Kenneth Duda sold 26,000 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $128.61, for a total value of $3,343,860.00. Following the completion of the transaction, the insider directly owned 542,400 shares of the company’s stock, valued at $69,758,064. This trade represents a 4.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $128.09, for a total transaction of $1,024,720.00. Following the transaction, the director owned 25,784 shares of the company’s stock, valued at $3,302,672.56. This trade represents a 23.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,522,152 shares of company stock valued at $223,569,587. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 0.3%

NYSE ANET opened at $129.00 on Tuesday. The firm has a market cap of $162.44 billion, a P/E ratio of 49.05, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41. The company’s 50 day moving average is $140.23 and its 200-day moving average is $125.84. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. Arista Networks’s revenue was up 27.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.40 EPS. Equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ANET shares. Needham & Company LLC boosted their target price on Arista Networks from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Tuesday, September 16th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $140.00 target price on shares of Arista Networks in a research report on Monday, November 24th. Barclays reiterated an “overweight” rating and set a $183.00 target price (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Evercore ISI increased their price target on shares of Arista Networks from $150.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. Finally, BNP Paribas Exane raised shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective on the stock in a research report on Thursday, September 25th. Eighteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $164.31.

Arista Networks Company Profile

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.