BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 1,271 Shares of Arista Networks, Inc. (NYSE:ANET)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 13.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 10,572 shares of the technology company’s stock after acquiring an additional 1,271 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Arista Networks were worth $3,830,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ANET. Alliancebernstein L.P. boosted its holdings in Arista Networks by 73.1% in the 1st quarter. Alliancebernstein L.P. now owns 1,270,897 shares of the technology company’s stock valued at $383,671,000 after purchasing an additional 536,680 shares during the period. JPMorgan Chase & Co. boosted its holdings in Arista Networks by 436.1% in the 1st quarter. JPMorgan Chase & Co. now owns 468,805 shares of the technology company’s stock valued at $141,528,000 after purchasing an additional 381,356 shares during the period. Waddell & Reed Financial Inc. boosted its holdings in Arista Networks by 32.4% in the 1st quarter. Waddell & Reed Financial Inc. now owns 674,047 shares of the technology company’s stock valued at $203,488,000 after purchasing an additional 164,914 shares during the period. Disciplined Growth Investors Inc. MN boosted its holdings in Arista Networks by 202.2% in the 1st quarter. Disciplined Growth Investors Inc. MN now owns 196,444 shares of the technology company’s stock valued at $59,304,000 after purchasing an additional 131,432 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Arista Networks by 143.7% in the 1st quarter. Principal Financial Group Inc. now owns 182,474 shares of the technology company’s stock valued at $55,087,000 after purchasing an additional 107,595 shares during the period. 61.51% of the stock is owned by hedge funds and other institutional investors.

ANET stock opened at $357.76 on Wednesday. Arista Networks, Inc. has a 1 year low of $192.96 and a 1 year high of $384.00. The company has a 50 day simple moving average of $369.47 and a 200 day simple moving average of $339.53. The stock has a market cap of $27.45 billion, a price-to-earnings ratio of 39.01, a P/E/G ratio of 3.02 and a beta of 1.15.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Sunday, August 1st. The technology company reported $2.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.54 by $0.18. Arista Networks had a net margin of 27.72% and a return on equity of 20.92%. The firm had revenue of $707.30 million during the quarter, compared to analysts’ expectations of $688.89 million. During the same period in the prior year, the company posted $2.11 EPS. The company’s revenue was up 30.8% on a year-over-year basis. On average, analysts predict that Arista Networks, Inc. will post 9.04 EPS for the current fiscal year.

In other news, SVP Marc Taxay sold 501 shares of the company’s stock in a transaction on Thursday, July 1st. The shares were sold at an average price of $363.39, for a total value of $182,058.39. Following the sale, the senior vice president now directly owns 167 shares of the company’s stock, valued at approximately $60,686.13. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Anshul Sadana sold 4,234 shares of the company’s stock in a transaction on Thursday, July 1st. The shares were sold at an average price of $364.13, for a total transaction of $1,541,726.42. Following the completion of the sale, the chief operating officer now directly owns 2,821 shares in the company, valued at $1,027,210.73. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 222,880 shares of company stock valued at $82,218,335. Corporate insiders own 22.01% of the company’s stock.

ANET has been the subject of a number of recent research reports. JMP Securities boosted their price objective on shares of Arista Networks from $340.00 to $415.00 and gave the company a “market outperform” rating in a report on Tuesday, July 27th. Barclays boosted their target price on shares of Arista Networks from $330.00 to $378.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 3rd. UBS Group boosted their target price on shares of Arista Networks from $370.00 to $420.00 and gave the company a “buy” rating in a research report on Tuesday, August 3rd. Morgan Stanley boosted their target price on shares of Arista Networks from $345.00 to $420.00 and gave the company an “overweight” rating in a research report on Tuesday, July 6th. Finally, Evercore ISI restated a “buy” rating on shares of Arista Networks in a research report on Sunday, August 8th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $381.33.

Arista Networks Profile

Arista Networks, Inc engages in the development, marketing, and sale of cloud networking solutions. Its cloud networking solutions consist of Extensible Operating System(EOS) a set of network applications and Ethernet switching, and routing platforms. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in October 2004 and is headquartered in Santa Clara, CA.

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

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