Smith Asset Management Group LP decreased its position in Arista Networks, Inc. (NYSE:ANET) by 18.1% during the second quarter, Holdings Channel reports. The fund owned 254,308 shares of the technology company’s stock after selling 56,108 shares during the period. Arista Networks makes up approximately 1.2% of Smith Asset Management Group LP’s holdings, making the stock its 26th largest position. Smith Asset Management Group LP’s holdings in Arista Networks were worth $38,110,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Janus Capital Management LLC increased its position in Arista Networks by 115.5% in the first quarter. Janus Capital Management LLC now owns 35,749 shares of the technology company’s stock worth $4,728,000 after buying an additional 19,160 shares during the last quarter. California Public Employees Retirement System increased its position in Arista Networks by 154.9% in the first quarter. California Public Employees Retirement System now owns 90,500 shares of the technology company’s stock worth $11,970,000 after buying an additional 55,000 shares during the last quarter. Swiss National Bank increased its position in Arista Networks by 0.9% in the first quarter. Swiss National Bank now owns 75,200 shares of the technology company’s stock worth $9,947,000 after buying an additional 700 shares during the last quarter. Columbus Circle Investors purchased a new position in Arista Networks during the first quarter worth about $42,580,000. Finally, Credit Suisse AG increased its position in Arista Networks by 1.4% in the first quarter. Credit Suisse AG now owns 62,634 shares of the technology company’s stock worth $8,285,000 after buying an additional 859 shares during the last quarter. 60.84% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks, Inc. (NYSE ANET) opened at 164.70 on Friday. Arista Networks, Inc. has a one year low of $75.06 and a one year high of $176.50. The firm has a market capitalization of $11.95 billion, a price-to-earnings ratio of 42.50 and a beta of 1.33. The stock has a 50 day moving average price of $155.07 and a 200-day moving average price of $136.12.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.15. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. The business had revenue of $405.21 million during the quarter, compared to the consensus estimate of $361.02 million. During the same period in the previous year, the business earned $0.74 EPS. The business’s quarterly revenue was up 50.8% on a year-over-year basis. On average, analysts predict that Arista Networks, Inc. will post $4.68 earnings per share for the current fiscal year.

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ANET has been the topic of a number of recent research reports. CIBC reissued a “buy” rating and set a $160.00 price target on shares of Arista Networks in a research report on Friday, May 5th. Oppenheimer Holdings, Inc. set a $160.00 price target on Arista Networks and gave the stock a “buy” rating in a research report on Thursday, May 4th. Cowen and Company increased their price target on Arista Networks from $123.00 to $145.00 and gave the stock an “outperform” rating in a research report on Monday, May 15th. Zacks Investment Research downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $115.00 price target on shares of Arista Networks in a research report on Tuesday, May 2nd. Sixteen equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $153.32.

In other news, Director Daniel Scheinman sold 833 shares of the business’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $151.68, for a total value of $126,349.44. Following the completion of the sale, the director now directly owns 52,500 shares of the company’s stock, valued at approximately $7,963,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 8,827 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $168.06, for a total value of $1,483,465.62. Following the completion of the sale, the senior vice president now directly owns 1,202 shares of the company’s stock, valued at $202,008.12. The disclosure for this sale can be found here. Insiders sold a total of 855,843 shares of company stock valued at $138,552,273 over the last three months. Company insiders own 28.09% of the company’s stock.

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

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