Oppenheimer & Co. Inc. Grows Position in Arista Networks, Inc. (ANET)

Oppenheimer & Co. Inc. boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 13.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,105 shares of the technology company’s stock after purchasing an additional 257 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Arista Networks were worth $315,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ANET. LS Investment Advisors LLC purchased a new stake in Arista Networks in the 2nd quarter valued at $119,000. SG Americas Securities LLC purchased a new stake in Arista Networks in the 1st quarter valued at $164,000. Daiwa Securities Group Inc. purchased a new stake in Arista Networks in the 2nd quarter valued at $202,000. Clinton Group Inc. purchased a new stake in Arista Networks in the 1st quarter valued at $205,000. Finally, Financial Architects Inc raised its position in Arista Networks by 17.9% in the 2nd quarter. Financial Architects Inc now owns 1,480 shares of the technology company’s stock valued at $222,000 after purchasing an additional 225 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Shares of Arista Networks, Inc. (NYSE ANET) opened at 182.68 on Tuesday. The firm’s 50 day moving average is $170.19 and its 200 day moving average is $149.84. The firm has a market capitalization of $13.25 billion, a PE ratio of 47.14 and a beta of 1.30. Arista Networks, Inc. has a 1-year low of $78.82 and a 1-year high of $185.41.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, topping the consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The firm had revenue of $405.21 million for the quarter, compared to analysts’ expectations of $361.02 million. During the same period in the previous year, the business earned $0.74 earnings per share. Arista Networks’s revenue for the quarter was up 50.8% compared to the same quarter last year. Analysts anticipate that Arista Networks, Inc. will post $4.70 EPS for the current fiscal year.

In other Arista Networks news, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $148.52, for a total transaction of $297,040.00. Following the sale, the senior vice president now owns 11,775 shares in the company, valued at approximately $1,748,823. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jayshree Ullal sold 200,268 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $173.37, for a total value of $34,720,463.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 626,331 shares of company stock worth $104,898,551. Corporate insiders own 28.09% of the company’s stock.

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A number of equities analysts have commented on the stock. UBS AG upped their price objective on shares of Arista Networks from $120.00 to $150.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 31st. Argus restated a “buy” rating on shares of Arista Networks in a research report on Monday, August 7th. Jefferies Group LLC restated a “hold” rating and set a $145.00 price objective (up previously from $120.00) on shares of Arista Networks in a research report on Wednesday, August 9th. Stifel Nicolaus restated a “hold” rating and set a $165.00 price objective (up previously from $145.00) on shares of Arista Networks in a research report on Wednesday, August 9th. Finally, J P Morgan Chase & Co upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $144.00 to $186.00 in a research report on Friday, August 4th. Sixteen equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Arista Networks currently has an average rating of “Buy” and an average price target of $155.29.

Arista Networks Company Profile

Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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