Bank of Montreal Can decreased its position in shares of Arista Networks Inc. (NYSE:ANET) by 1.0% during the third quarter, Holdings Channel reports. The fund owned 3,259 shares of the company’s stock after selling 34 shares during the period. Bank of Montreal Can’s holdings in Arista Networks were worth $278,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of ANET. D. Scott Neal Inc. acquired a new position in shares of Arista Networks during the third quarter worth approximately $128,000. Quantbot Technologies LP acquired a new position in shares of Arista Networks during the second quarter worth approximately $136,000. Seven Eight Capital LLC acquired a new position in shares of Arista Networks during the first quarter worth approximately $150,000. Metropolitan Life Insurance Co. NY boosted its position in shares of Arista Networks by 16.1% in the second quarter. Metropolitan Life Insurance Co. NY now owns 2,933 shares of the company’s stock worth $189,000 after buying an additional 406 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Arista Networks by 3.5% in the second quarter. Legal & General Group Plc now owns 3,111 shares of the company’s stock worth $200,000 after buying an additional 105 shares during the last quarter. Institutional investors and hedge funds own 54.58% of the company’s stock.
Arista Networks Inc. (NYSE:ANET) traded down 0.56% on Friday, reaching $94.66. The company had a trading volume of 365,498 shares. The stock has a market capitalization of $6.65 billion, a P/E ratio of 40.94 and a beta of 1.12. The stock’s 50 day moving average is $85.56 and its 200-day moving average is $77.32. Arista Networks Inc. has a 1-year low of $52.51 and a 1-year high of $95.47.
Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.73 by $0.10. Arista Networks had a return on equity of 20.69% and a net margin of 16.15%. The company had revenue of $290.26 million for the quarter, compared to analyst estimates of $283.33 million. During the same period last year, the company earned $0.59 earnings per share. Arista Networks’s quarterly revenue was up 33.4% compared to the same quarter last year. On average, equities analysts predict that Arista Networks Inc. will post $3.08 EPS for the current fiscal year.
A number of brokerages have commented on ANET. Jefferies Group reiterated an “underperform” rating and set a $50.00 price target (up from $40.25) on shares of Arista Networks in a research report on Monday, November 7th. Citigroup Inc. restated a “buy” rating and issued a $91.00 target price on shares of Arista Networks in a report on Sunday, November 6th. Oppenheimer Holdings Inc. set a $90.00 target price on shares of Arista Networks and gave the stock a “buy” rating in a report on Friday, August 5th. Wells Fargo & Co. restated a “positive” rating on shares of Arista Networks in a report on Thursday, October 6th. Finally, RBC Capital Markets restated a “hold” rating and issued a $80.00 target price (up previously from $70.00) on shares of Arista Networks in a report on Wednesday, August 31st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $90.14.
In related news, insider Jayshree Ullal sold 54,542 shares of Arista Networks stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $79.85, for a total transaction of $4,355,178.70. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Mark Stephen Smith sold 11,150 shares of Arista Networks stock in a transaction that occurred on Monday, October 17th. The stock was sold at an average price of $82.52, for a total value of $920,098.00. Following the transaction, the vice president now owns 1,620 shares in the company, valued at approximately $133,682.40. The disclosure for this sale can be found here. 32.39% of the stock is owned by insiders.
About Arista Networks
Arista Networks, Inc is a supplier of cloud networking solutions that address the needs of Internet companies, cloud service providers and next-generation data centers for enterprises. The Company’s cloud networking solutions consist of its Extensible Operating System (EOS), which is a set of network applications and its 10/25/40/50/100 Gigabit Ethernet switches.