American International Group Inc. reduced its holdings in shares of Arista Networks Inc (NYSE:ANET) by 2.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,550 shares of the technology company’s stock after selling 511 shares during the quarter. American International Group Inc.’s holdings in Arista Networks were worth $3,908,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in ANET. SG Americas Securities LLC grew its position in Arista Networks by 457.5% during the third quarter. SG Americas Securities LLC now owns 11,936 shares of the technology company’s stock worth $3,173,000 after buying an additional 9,795 shares during the period. JPMorgan Chase & Co. grew its position in Arista Networks by 0.8% during the third quarter. JPMorgan Chase & Co. now owns 1,186,513 shares of the technology company’s stock worth $315,445,000 after buying an additional 9,105 shares during the period. Prudential Financial Inc. grew its position in Arista Networks by 1,172.1% during the third quarter. Prudential Financial Inc. now owns 109,288 shares of the technology company’s stock worth $29,055,000 after buying an additional 100,697 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Arista Networks during the third quarter worth about $1,126,000. Finally, Crossmark Global Holdings Inc. grew its position in Arista Networks by 579.5% during the third quarter. Crossmark Global Holdings Inc. now owns 7,583 shares of the technology company’s stock worth $2,016,000 after buying an additional 6,467 shares during the period. 56.33% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Marc Taxay sold 2,000 shares of the firm’s stock in a transaction on Friday, February 1st. The shares were sold at an average price of $218.11, for a total value of $436,220.00. Following the transaction, the senior vice president now owns 15,367 shares of the company’s stock, valued at approximately $3,351,696.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 11,876 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $321.15, for a total transaction of $3,813,977.40. Following the completion of the transaction, the senior vice president now directly owns 811 shares in the company, valued at approximately $260,452.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 219,229 shares of company stock worth $63,744,447. 24.95% of the stock is currently owned by insiders.
Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, February 14th. The technology company reported $2.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.80 by $0.45. The company had revenue of $595.70 million for the quarter, compared to the consensus estimate of $591.41 million. Arista Networks had a net margin of 29.47% and a return on equity of 29.37%. Arista Networks’s revenue was up 27.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.71 earnings per share. Research analysts forecast that Arista Networks Inc will post 8.24 earnings per share for the current fiscal year.
ANET has been the topic of several research reports. ValuEngine upgraded shares of Arista Networks from a “hold” rating to a “buy” rating in a research report on Thursday, March 21st. Rosenblatt Securities initiated coverage on shares of Arista Networks in a research report on Friday, March 29th. They issued a “neutral” rating and a $330.00 price target on the stock. Goldman Sachs Group increased their price target on shares of Arista Networks from $300.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Deutsche Bank upgraded shares of Arista Networks from a “sell” rating to a “hold” rating and increased their price target for the company from $190.00 to $225.00 in a research report on Tuesday, March 19th. Finally, Morgan Stanley raised their target price on shares of Arista Networks from $265.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, March 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $299.61.
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About Arista Networks
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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