Comerica Bank Grows Position in Arista Networks, Inc. (ANET)
Comerica Bank lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 19.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,731 shares of the technology company’s stock after purchasing an additional 449 shares during the quarter. Comerica Bank’s holdings in Arista Networks were worth $536,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ANET. Bank of New York Mellon Corp increased its position in Arista Networks by 88.0% during the third quarter. Bank of New York Mellon Corp now owns 465,641 shares of the technology company’s stock valued at $88,290,000 after acquiring an additional 218,014 shares during the last quarter. TCW Group Inc. boosted its stake in Arista Networks by 1.2% during the third quarter. TCW Group Inc. now owns 144,131 shares of the technology company’s stock valued at $27,329,000 after buying an additional 1,663 shares during the last quarter. Sigma Investment Counselors Inc. bought a new position in Arista Networks during the third quarter valued at approximately $228,000. Teacher Retirement System of Texas bought a new position in Arista Networks during the third quarter valued at approximately $2,425,000. Finally, Advisor Group Inc. boosted its stake in Arista Networks by 3.1% during the third quarter. Advisor Group Inc. now owns 14,195 shares of the technology company’s stock valued at $2,692,000 after buying an additional 429 shares during the last quarter. Institutional investors own 58.20% of the company’s stock.
A number of brokerages recently commented on ANET. UBS increased their price target on Arista Networks from $165.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 3rd. BidaskClub raised Arista Networks from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $175.00 target price on shares of Arista Networks in a research report on Tuesday, September 12th. DA Davidson raised Arista Networks from a “neutral” rating to a “buy” rating and set a $224.00 target price on the stock in a research report on Friday, November 3rd. Finally, Wells Fargo & Company began coverage on Arista Networks in a research report on Tuesday, November 14th. They set a “market perform” rating and a $235.00 target price on the stock. Sixteen investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $192.55.
In other Arista Networks news, insider Ita M. Brennan sold 3,500 shares of Arista Networks stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $229.97, for a total transaction of $804,895.00. Following the completion of the transaction, the insider now owns 17,677 shares in the company, valued at approximately $4,065,179.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 8,687 shares of Arista Networks stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $174.94, for a total value of $1,519,703.78. Following the transaction, the senior vice president now 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 sold a total of 495,012 shares of company stock valued at $111,840,635 in the last 90 days. 28.09% of the stock is currently owned by company insiders.
Arista Networks, Inc. (NYSE:ANET) opened at $211.05 on Wednesday. The stock has a market capitalization of $15,313.12, a price-to-earnings ratio of 50.36, a P/E/G ratio of 1.91 and a beta of 1.38. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.66 and a quick ratio of 3.07. Arista Networks, Inc. has a 52 week low of $87.33 and a 52 week high of $245.65.
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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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