Castle Rock Wealth Management LLC grew its position in Arista Networks Inc (NYSE:ANET) by 14.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,166 shares of the technology company’s stock after purchasing an additional 267 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in Arista Networks were worth $569,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of Arista Networks by 1.3% in the first quarter. BlackRock Inc. now owns 3,729,413 shares of the technology company’s stock valued at $1,172,750,000 after purchasing an additional 48,254 shares during the period. FMR LLC grew its stake in shares of Arista Networks by 25.1% during the first quarter. FMR LLC now owns 1,956,747 shares of the technology company’s stock worth $615,319,000 after purchasing an additional 392,021 shares during the period. First Trust Advisors LP grew its stake in shares of Arista Networks by 53.1% during the second quarter. First Trust Advisors LP now owns 1,143,852 shares of the technology company’s stock worth $296,967,000 after purchasing an additional 396,782 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Arista Networks by 1.7% during the first quarter. JPMorgan Chase & Co. now owns 962,304 shares of the technology company’s stock worth $302,606,000 after purchasing an additional 15,947 shares during the period. Finally, Swedbank grew its stake in shares of Arista Networks by 56.2% during the second quarter. Swedbank now owns 757,942 shares of the technology company’s stock worth $196,777,000 after purchasing an additional 272,722 shares during the period. 58.78% of the stock is currently owned by institutional investors.
Shares of ANET traded down $0.27 during mid-day trading on Friday, reaching $249.67. 2,667 shares of the stock traded hands, compared to its average volume of 632,198. The firm has a fifty day moving average price of $236.71 and a 200 day moving average price of $269.15. The company has a market cap of $18.91 billion, a price-to-earnings ratio of 34.90, a price-to-earnings-growth ratio of 1.44 and a beta of 1.55. The company has a current ratio of 5.77, a quick ratio of 5.17 and a debt-to-equity ratio of 0.04. Arista Networks Inc has a 1 year low of $187.08 and a 1 year high of $331.27.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.46. Arista Networks had a net margin of 30.86% and a return on equity of 28.76%. The firm had revenue of $608.32 million during the quarter, compared to analyst estimates of $606.78 million. During the same period in the previous year, the business earned $1.93 EPS. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. On average, sell-side analysts anticipate that Arista Networks Inc will post 8.67 EPS for the current year.
In other Arista Networks news, Director Nikos Theodosopoulos sold 1,360 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $225.31, for a total value of $306,421.60. Following the transaction, the director now directly owns 4,630 shares in the company, valued at $1,043,185.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Anshul Sadana sold 1,350 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $280.07, for a total transaction of $378,094.50. Following the completion of the transaction, the chief operating officer now owns 1,783 shares in the company, valued at $499,364.81. The disclosure for this sale can be found here. Insiders sold 49,810 shares of company stock valued at $12,538,880 over the last three months. 23.83% of the stock is currently owned by insiders.
A number of equities research analysts recently commented on the company. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $330.00 price objective (down from $340.00) on shares of Arista Networks in a research note on Friday, June 7th. JMP Securities reiterated an “outperform” rating and set a $280.00 price target (down from $315.00) on shares of Arista Networks in a report on Friday, August 2nd. Morgan Stanley reduced their target price on Arista Networks from $300.00 to $275.00 and set an “equal weight” rating for the company in a research note on Friday, June 7th. Royal Bank of Canada set a $300.00 price target on shares of Arista Networks and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, Barclays started coverage on shares of Arista Networks in a research report on Wednesday, August 7th. They issued an “overweight” rating and a $284.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Arista Networks has an average rating of “Buy” and a consensus target price of $303.00.
About Arista Networks
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.
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