Allen Investment Management LLC Acquires Shares of 34,821 Arista Networks, Inc. (NYSE:ANET)

Allen Investment Management LLC bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET) in the second quarter, Holdings Channel.com reports. The fund bought 34,821 shares of the technology company’s stock, valued at approximately $12,204,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares during the period. Capital World Investors boosted its holdings in shares of Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after buying an additional 55,312 shares in the last quarter. WCM Investment Management LLC raised its stake in shares of Arista Networks by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after acquiring an additional 25,196 shares in the last quarter. GQG Partners LLC purchased a new position in Arista Networks in the first quarter worth $881,848,000. Finally, Norges Bank acquired a new position in shares of Arista Networks during the fourth quarter worth $586,051,000. 82.47% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Marc Taxay sold 624 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 106,989 shares of company stock valued at $37,891,416. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

NYSE ANET opened at $359.76 on Friday. The business has a fifty day moving average price of $341.07 and a 200 day moving average price of $313.35. The company has a market cap of $113.02 billion, a P/E ratio of 50.11, a P/E/G ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm posted $1.41 earnings per share. As a group, sell-side analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ANET has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. Jefferies Financial Group increased their price target on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Bank of America boosted their target price on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Barclays increased their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Rosenblatt Securities upped their target price on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average target price of $358.63.

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.