UNIVEST FINANCIAL Corp Boosts Stake in Arista Networks, Inc. (NYSE:ANET)

UNIVEST FINANCIAL Corp lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 47.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,358 shares of the technology company’s stock after purchasing an additional 439 shares during the quarter. UNIVEST FINANCIAL Corp’s holdings in Arista Networks were worth $476,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ANET. UniSuper Management Pty Ltd raised its holdings in shares of Arista Networks by 20.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after buying an additional 6,133 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Arista Networks by 7.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock worth $12,082,000 after purchasing an additional 3,763 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Arista Networks during the 1st quarter worth $1,405,000. M&G Plc purchased a new position in Arista Networks in the first quarter valued at $3,238,000. Finally, Nordea Investment Management AB raised its stake in Arista Networks by 32.5% in the first quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after buying an additional 6,578 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $314.37 on Friday. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The company has a market cap of $98.51 billion, a P/E ratio of 43.78, a PEG ratio of 2.78 and a beta of 1.11. The firm has a fifty day moving average of $343.09 and a two-hundred day moving average of $310.67.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.41 earnings per share. As a group, equities analysts predict that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of recent analyst reports. Citigroup increased their price objective on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. UBS Group raised their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday. Bank of America lifted their price target on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Jefferies Financial Group boosted their target price on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Barclays raised their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Insider Buying and Selling at Arista Networks

In other news, insider John F. Mccool sold 584 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $351.09, for a total transaction of $205,036.56. Following the transaction, the insider now directly owns 72 shares of the company’s stock, valued at approximately $25,278.48. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,202,550.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John F. Mccool sold 584 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $351.09, for a total value of $205,036.56. Following the completion of the sale, the insider now owns 72 shares in the company, valued at approximately $25,278.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 126,300 shares of company stock valued at $44,194,544. 3.54% of the stock is owned by company insiders.

Arista Networks Profile

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.