Oakbrook Investments LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,760 shares of the technology company’s stock, valued at approximately $334,000.
A number of other hedge funds and other institutional investors have also modified their holdings of ANET. D.A. Davidson & CO. increased its position in shares of Arista Networks by 3.2% during the second quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock worth $147,000 after purchasing an additional 30 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Arista Networks by 20.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after purchasing an additional 126 shares during the period. M&T Bank Corp increased its holdings in Arista Networks by 6.4% during the 2nd quarter. M&T Bank Corp now owns 2,315 shares of the technology company’s stock worth $347,000 after purchasing an additional 140 shares during the period. First United Bank Trust increased its holdings in Arista Networks by 2.5% during the 2nd quarter. First United Bank Trust now owns 6,510 shares of the technology company’s stock worth $975,000 after purchasing an additional 160 shares during the period. Finally, Affinity Wealth Management increased its holdings in Arista Networks by 11.6% during the 2nd quarter. Affinity Wealth Management now owns 2,158 shares of the technology company’s stock worth $323,000 after purchasing an additional 224 shares during the period. 59.21% of the stock is owned by institutional investors and hedge funds.
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In other news, insider Ita M. Brennan sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $175.00, for a total transaction of $875,000.00. Following the completion of the sale, the insider now owns 21,079 shares of the company’s stock, valued at $3,688,825. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Anshul Sadana sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $189.95, for a total transaction of $2,279,400.00. Following the completion of the sale, the insider now directly owns 86,788 shares of the company’s stock, valued at approximately $16,485,380.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 202,962 shares of company stock valued at $42,475,487. Insiders own 28.09% of the company’s stock.
Shares of Arista Networks, Inc. (NYSE:ANET) traded up $4.10 during midday trading on Tuesday, hitting $225.15. The stock had a trading volume of 963,300 shares, compared to its average volume of 830,056. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.07 and a current ratio of 3.66. The stock has a market capitalization of $16,570.00, a price-to-earnings ratio of 53.14, a price-to-earnings-growth ratio of 2.04 and a beta of 1.31. Arista Networks, Inc. has a twelve month low of $86.00 and a twelve month high of $227.13.
ANET has been the subject of several recent research reports. BidaskClub raised Arista Networks from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 31st. JMP Securities upped their price objective on shares of Arista Networks from $185.00 to $230.00 and gave the stock a “market perform” rating in a report on Thursday, October 26th. Zacks Investment Research lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Stifel Nicolaus reaffirmed a “hold” rating and set a $145.00 price objective on shares of Arista Networks in a report on Friday, July 21st. Finally, Morgan Stanley raised shares of Arista Networks from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $125.00 to $210.00 in a research note on Wednesday, September 20th. Sixteen equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $184.69.
Arista Networks Company Profile
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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