Forsta AP Fonden Increases Stock Position in Arista Networks, Inc. (NYSE:ANET)

Forsta AP Fonden increased its position in Arista Networks, Inc. (NYSE:ANET) by 10.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 72,800 shares of the technology company’s stock after acquiring an additional 6,600 shares during the period. Forsta AP Fonden’s holdings in Arista Networks were worth $27,942,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. GQG Partners LLC bought a new stake in Arista Networks in the 1st quarter worth approximately $881,848,000. Swedbank AB bought a new stake in Arista Networks in the 1st quarter worth approximately $521,767,000. Ameriprise Financial Inc. grew its position in Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after purchasing an additional 884,703 shares during the period. International Assets Investment Management LLC grew its position in Arista Networks by 39,841.1% in the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock worth $3,358,850,000 after purchasing an additional 872,919 shares during the period. Finally, 1832 Asset Management L.P. grew its position in Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after purchasing an additional 503,597 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ANET shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Morgan Stanley lifted their target price on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. lifted their target price on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. KeyCorp boosted their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Finally, Rosenblatt Securities boosted their price objective on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

Insider Buying and Selling at Arista Networks

In related news, SVP Marc Taxay sold 628 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Arista Networks news, insider John F. Mccool sold 588 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $206,094.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The disclosure for this sale can be found here. Insiders sold 58,570 shares of company stock valued at $21,474,782 in the last 90 days. Insiders own 3.54% of the company’s stock.

Arista Networks Trading Down 0.4 %

Arista Networks stock traded down $1.61 during mid-day trading on Friday, hitting $394.09. The stock had a trading volume of 1,168,549 shares, compared to its average volume of 2,220,388. The firm has a market capitalization of $123.49 billion, a P/E ratio of 54.88, a P/E/G ratio of 3.21 and a beta of 1.07. The firm’s 50 day moving average is $371.30 and its 200 day moving average is $334.19. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $422.73.

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

About Arista Networks

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.