The Manufacturers Life Insurance Company Decreases Stake in Arista Networks, Inc. $ANET

by · The Markets Daily

The Manufacturers Life Insurance Company cut its position in Arista Networks, Inc. (NYSE:ANET – Free Report) by 1.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,065,022 shares of the technology company’s stock after selling 20,490 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Arista Networks worth $108,945,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of ANET. Bare Financial Services Inc increased its holdings in Arista Networks by 2,118.2% in the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after buying an additional 233 shares during the last quarter. Saudi Central Bank acquired a new position in shares of Arista Networks during the 1st quarter worth about $33,000. REAP Financial Group LLC increased its holdings in shares of Arista Networks by 108.0% in the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after acquiring an additional 175 shares during the last quarter. eCIO Inc. acquired a new stake in shares of Arista Networks during the 1st quarter worth about $36,000. Finally, Solstein Capital LLC lifted its stake in Arista Networks by 493.8% during the second quarter. Solstein Capital LLC now owns 380 shares of the technology company’s stock worth $39,000 after purchasing an additional 316 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of ANET opened at $134.33 on Friday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The firm has a 50-day simple moving average of $139.37 and a 200-day simple moving average of $126.21. The company has a market capitalization of $169.16 billion, a price-to-earnings ratio of 51.08, a price-to-earnings-growth ratio of 2.54 and a beta of 1.41.

Arista Networks (NYSE:ANET – Get Free Report) last issued its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the previous year, the firm posted $2.40 EPS. The firm’s revenue for the quarter was up 27.5% on a year-over-year basis. Equities research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Buying and Selling

In other news, CEO Jayshree Ullal sold 24,042 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total value of $2,994,431.10. Following the completion of the sale, the chief executive officer owned 9,917 shares in the company, valued at approximately $1,235,162.35. This trade represents a 70.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $128.09, for a total transaction of $1,024,720.00. Following the completion of the sale, the director directly owned 25,784 shares in the company, valued at approximately $3,302,672.56. The trade was a 23.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 274,464 shares of company stock worth $38,250,488 over the last three months. 3.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. UBS Group reiterated a “buy” rating and issued a $155.00 price target on shares of Arista Networks in a research note on Wednesday, December 3rd. Citigroup increased their target price on shares of Arista Networks from $136.00 to $176.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Barclays reissued an “overweight” rating and issued a $183.00 price target (up from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Evercore ISI upped their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Finally, BNP Paribas Exane upgraded Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 target price on the stock in a research report on Thursday, September 25th. Eighteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $164.31.

View Our Latest Stock Analysis on ANET

Arista Networks Profile

(Free Report)

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.

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