05 Oct Expert Jon Cartu Writes – Amundi Pioneer Asset Management Inc. Boosts Holdings in…
Amundi Pioneer Asset Management Inc. grew its position in Arista Networks Inc (NYSE:ANET) by 147.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 460,100 shares of the technology company’s stock after purchasing an additional 274,175 shares during the period. Amundi Pioneer Asset Management Inc. owned about 0.60% of Arista Networks worth $119,451,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Nuveen Asset Management LLC grew its holdings in Arista Networks by 65,325.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 817,820 shares of the technology company’s stock valued at $212,322,000 after buying an additional 816,570 shares during the last quarter. First Trust Advisors LP grew its stake in Arista Networks by 53.1% in the 2nd quarter. First Trust Advisors LP now owns 1,143,852 shares of the technology company’s stock valued at $296,967,000 after buying an additional 396,782 shares in the last quarter. FMR LLC grew its stake in Arista Networks by 25.1% in the 1st quarter. FMR LLC now owns 1,956,747 shares of the technology company’s stock valued at $615,319,000 after buying an additional 392,021 shares in the last quarter. Swedbank lifted its holdings in shares of Arista Networks by 56.2% during the 2nd quarter. Swedbank now owns 757,942 shares of the technology company’s stock worth $196,777,000 after acquiring an additional 272,722 shares during the last quarter. Finally, TD Asset Management Inc. lifted its holdings in shares of Arista Networks by 717.4% during the 2nd quarter. TD Asset Management Inc. now owns 270,857 shares of the technology company’s stock worth $70,319,000 after acquiring an additional 237,719 shares during the last quarter. 58.74% of the stock is currently owned by institutional investors and hedge funds.
ANET has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Arista Networks from a “sell” rating to a “hold” rating and set a $284.00 price objective for the company in a report on Monday, July 8th. Needham & Company LLC lowered their price objective on shares of Arista Networks to $340.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Royal Bank of Canada set a $300.00 price target on shares of Arista Networks and gave the company a “buy” rating in a research report on Friday, July 19th. Barclays initiated coverage on shares of Arista Networks in a report on Wednesday, August 7th. They issued an “overweight” rating and a $284.00 price objective on the stock. Finally, Nomura downgraded shares of Arista Networks from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $290.00 to $230.00 in a research note on Thursday. Eight equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Arista Networks currently has an average rating of “Buy” and an average target price of $294.86.
In related news, SVP Kenneth Duda sold 10,874 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $271.29, for a total value of $2,950,007.46. Following the completion of the sale, the senior vice president now owns 1,971 shares of the company’s stock, valued at $534,712.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Manuel Felix Rivelo sold 151 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $275.00, for a total transaction of $41,525.00. Following the completion of the transaction, the senior vice president now directly owns 422 shares in the company, valued at approximately $116,050. The disclosure for this sale can be found here. Insiders have sold 49,810 shares of company stock valued at $12,486,100 over the last 90 days. 23.83% of the stock is currently owned by company insiders.
NYSE:ANET opened at $228.57 on Friday. The company has a current ratio of 5.77, a quick ratio of 5.17 and a debt-to-equity ratio of 0.04. Arista Networks Inc has a twelve month low of $187.08 and a twelve month high of $331.27. The company’s 50 day moving average is $232.41 and its two-hundred day moving average is $264.40. The company has a market cap of $17.52 billion, a PE ratio of 32.33, a P/E/G ratio of 1.39 and a beta of 1.58.
Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $2.44 EPS for the quarter, beating the consensus estimate of $1.98 by $0.46. Arista Networks had a net margin of 30.86% and a return on equity of 28.76%. The business had revenue of $608.32 million during the quarter, compared to analysts’ expectations of $606.78 million. During the same period in the previous year, the business posted $1.93 EPS. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. As a group, analysts expect that Arista Networks Inc will post 8.71 EPS for the current fiscal year.
Arista Networks Profile
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.
Further Reading: Outstanding Shares and The Effect on Share Price