Kornitzer Capital Management Inc. KS Acquires Shares of 103,233 Arista Networks Inc (ANET)

Kornitzer Capital Management Inc. KS acquired a new stake in shares of Arista Networks Inc (NYSE:ANET) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 103,233 shares of the technology company’s stock, valued at approximately $32,463,000.

Several other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC purchased a new position in Arista Networks in the fourth quarter worth about $25,000. FTB Advisors Inc. purchased a new position in Arista Networks in the fourth quarter worth about $26,000. Kaizen Advisory LLC purchased a new position in Arista Networks in the fourth quarter worth about $27,000. Whittier Trust Co. purchased a new position in Arista Networks in the first quarter worth about $44,000. Finally, CENTRAL TRUST Co grew its position in Arista Networks by 53.3% in the fourth quarter. CENTRAL TRUST Co now owns 141 shares of the technology company’s stock worth $29,000 after acquiring an additional 49 shares in the last quarter. Hedge funds and other institutional investors own 56.12% of the company’s stock.

Shares of NYSE:ANET opened at $278.41 on Friday. Arista Networks Inc has a 1 year low of $187.08 and a 1 year high of $331.27. The company has a market cap of $21.30 billion, a price-to-earnings ratio of 39.38, a price-to-earnings-growth ratio of 1.68 and a beta of 1.47. The company has a quick ratio of 4.04, a current ratio of 4.48 and a debt-to-equity ratio of 0.02.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, May 2nd. The technology company reported $2.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.24. Arista Networks had a net margin of 30.36% and a return on equity of 31.12%. The firm had revenue of $595.42 million during the quarter, compared to the consensus estimate of $595.21 million. During the same quarter in the previous year, the firm posted $1.66 earnings per share. The company’s revenue was up 26.0% on a year-over-year basis. Analysts anticipate that Arista Networks Inc will post 8.24 EPS for the current fiscal year.

In other news, SVP Marc Taxay sold 2,000 shares of Arista Networks stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $285.81, for a total transaction of $571,620.00. Following the completion of the sale, the senior vice president now owns 16,173 shares of the company’s stock, valued at $4,622,405.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John F. Mccool sold 83 shares of Arista Networks stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $323.00, for a total transaction of $26,809.00. The disclosure for this sale can be found here. Insiders have sold 243,441 shares of company stock valued at $71,843,158 in the last ninety days. Insiders own 23.83% of the company’s stock.

Several research firms recently commented on ANET. Goldman Sachs Group lifted their price target on Arista Networks from $300.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. ValuEngine lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Investment Research lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Morgan Stanley lowered Arista Networks from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $300.00 to $330.00 in a research report on Tuesday, April 23rd. Finally, Credit Suisse Group boosted their target price on Arista Networks from $317.00 to $347.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $312.73.

ILLEGAL ACTIVITY NOTICE: This article was originally published by Baseball Daily News and is the property of of Baseball Daily News. If you are reading this article on another site, it was illegally stolen and republished in violation of U.S. and international trademark & copyright law. The legal version of this article can be viewed at https://www.baseballdailydigest.com/news/2019/05/05/kornitzer-capital-management-inc-ks-acquires-shares-of-103233-arista-networks-inc-anet.html.

Arista Networks Profile

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of 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.

Featured Story: FAANG Stocks

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks Inc (NYSE:ANET).

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

Receive News & Ratings for Arista Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks and related companies with MarketBeat.com's FREE daily email newsletter.