Amalgamated Bank Has $1.48 Million Holdings in Arista Networks, Inc. (ANET)
Amalgamated Bank boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 73.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,889 shares of the technology company’s stock after purchasing an additional 4,194 shares during the period. Amalgamated Bank’s holdings in Arista Networks were worth $1,481,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in ANET. LS Investment Advisors LLC bought a new position in Arista Networks during the second quarter worth about $119,000. SG Americas Securities LLC bought a new position in Arista Networks during the first quarter worth about $164,000. Daiwa Securities Group Inc. bought a new position in Arista Networks during the second quarter worth about $202,000. Clinton Group Inc. bought a new position in Arista Networks during the first quarter worth about $205,000. Finally, Financial Architects Inc lifted its stake in Arista Networks by 17.9% during the second quarter. Financial Architects Inc now owns 1,480 shares of the technology company’s stock worth $222,000 after purchasing an additional 225 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.
Shares of Arista Networks, Inc. (NYSE ANET) opened at 187.23 on Friday. The firm has a market cap of $13.58 billion, a price-to-earnings ratio of 48.32 and a beta of 1.30. The firm’s 50-day moving average is $171.12 and its 200-day moving average is $150.29. Arista Networks, Inc. has a 12-month low of $78.82 and a 12-month high of $188.85.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.15. The firm had revenue of $405.21 million during the quarter, compared to the consensus estimate of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The company’s revenue for the quarter was up 50.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 earnings per share. Analysts predict that Arista Networks, Inc. will post $4.70 earnings per share for the current fiscal year.
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A number of brokerages have commented on ANET. BMO Capital Markets restated an “outperform” rating and set a $190.00 price target (up previously from $167.00) on shares of Arista Networks in a research note on Friday, August 4th. J P Morgan Chase & Co upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $144.00 to $186.00 in a research note on Friday, August 4th. Argus restated a “buy” rating on shares of Arista Networks in a research note on Monday, August 7th. Needham & Company LLC restated a “buy” rating and set a $175.00 price target on shares of Arista Networks in a research note on Tuesday, September 12th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $180.00 price target (up previously from $160.00) on shares of Arista Networks in a research note on Wednesday, August 9th. Fifteen analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $160.00.
In other news, insider Anshul Sadana sold 12,000 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $154.51, for a total transaction of $1,854,120.00. Following the completion of the transaction, the insider now owns 99,841 shares of the company’s stock, valued at $15,426,432.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kenneth Duda sold 8,687 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $174.94, for a total transaction of $1,519,703.78. Following the transaction, the senior vice president now directly owns 1,593 shares of the company’s stock, valued at approximately $278,679.42. The disclosure for this sale can be found here. Insiders have sold 484,942 shares of company stock valued at $82,414,703 in the last ninety days. 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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