Perpetual Ltd Increases Holdings in Arista Networks, Inc. (NYSE:ANET)

Perpetual Ltd raised its stake in Arista Networks, Inc. (NYSE:ANET) by 25.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,703 shares of the technology company’s stock after acquiring an additional 1,156 shares during the period. Perpetual Ltd’s holdings in Arista Networks were worth $2,189,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ANET. Wedmont Private Capital lifted its position in Arista Networks by 6.0% in the 3rd quarter. Wedmont Private Capital now owns 4,354 shares of the technology company’s stock valued at $1,709,000 after acquiring an additional 245 shares in the last quarter. CWM LLC lifted its holdings in shares of Arista Networks by 12.5% during the third quarter. CWM LLC now owns 17,931 shares of the technology company’s stock valued at $6,882,000 after purchasing an additional 1,989 shares in the last quarter. Gratus Wealth Advisors LLC boosted its position in shares of Arista Networks by 54.1% during the third quarter. Gratus Wealth Advisors LLC now owns 3,295 shares of the technology company’s stock valued at $1,293,000 after buying an additional 1,157 shares during the last quarter. Brookstone Capital Management increased its holdings in Arista Networks by 21.5% in the 3rd quarter. Brookstone Capital Management now owns 18,113 shares of the technology company’s stock worth $6,952,000 after buying an additional 3,204 shares in the last quarter. Finally, Atomi Financial Group Inc. raised its position in Arista Networks by 31.3% in the 3rd quarter. Atomi Financial Group Inc. now owns 5,783 shares of the technology company’s stock worth $2,220,000 after buying an additional 1,377 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on ANET shares. Needham & Company LLC reiterated a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research note on Wednesday, July 31st. Jefferies Financial Group boosted their target price on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Evercore ISI raised 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. Bank of America upped their price objective on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Finally, The Goldman Sachs Group raised their target price on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $369.50.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $409.85 on Friday. The company has a fifty day moving average of $355.96 and a 200 day moving average of $326.09. The company has a market capitalization of $128.43 billion, a P/E ratio of 57.08, a P/E/G ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $410.71.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the company earned $1.41 EPS. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. Analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $5,624,679.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 transaction 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 approximately $1,280,374.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,197 shares of company stock worth $21,326,894. 3.54% of the stock is owned by insiders.

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.