Exchange Traded Concepts LLC Purchases 1,948 Shares of Arista Networks, Inc. (NYSE:ANET)

by · The Cerbat Gem

Exchange Traded Concepts LLC increased its position in Arista Networks, Inc. (NYSE:ANET – Free Report) by 14.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,652 shares of the technology company’s stock after purchasing an additional 1,948 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Arista Networks were worth $6,008,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ANET. GQG Partners LLC acquired a new stake in shares of Arista Networks during the 1st quarter worth about $881,848,000. Legal & General Group Plc lifted its position in Arista Networks by 0.9% during the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after acquiring an additional 20,278 shares during the last quarter. Swedbank AB bought a new stake in shares of Arista Networks during the first quarter worth approximately $521,767,000. Ameriprise Financial Inc. grew its position in shares of Arista Networks by 97.2% in the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after purchasing an additional 884,703 shares during the last quarter. Finally, TD Asset Management Inc increased its stake in shares of Arista Networks by 18.7% during the first quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock worth $273,652,000 after purchasing an additional 148,759 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Evercore ISI upped their price objective on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. UBS Group upped their price target on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Citigroup boosted their price objective on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Jefferies Financial Group raised their target price on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $369.50.

Check Out Our Latest Report on Arista Networks

Arista Networks Stock Up 1.7 %

Shares of ANET opened at $416.93 on Monday. The business has a 50-day simple moving average of $359.35 and a two-hundred day simple moving average of $327.93. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $417.71. The stock has a market cap of $130.65 billion, a PE ratio of 58.07, a PEG ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET – Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the business earned $1.41 EPS. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. On average, equities research analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Buying and Selling

In related news, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the transaction, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Arista Networks news, insider John F. Mccool sold 580 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $388.37, for a total transaction of $225,254.60. Following the completion of the sale, the insider now directly owns 72 shares in the company, valued at approximately $27,962.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the transaction, the director now directly owns 2,726 shares in the company, valued at $883,278.52. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 58,197 shares of company stock valued at $21,326,894 over the last 90 days. 3.54% of the stock is owned by insiders.

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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