Pittenger & Anderson Inc. Has $1.37 Million Stake in Arista Networks Inc (ANET)
Pittenger & Anderson Inc. lifted its stake in shares of Arista Networks Inc (NYSE:ANET) by 25.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 5,133 shares of the technology company’s stock after purchasing an additional 1,050 shares during the period. Pittenger & Anderson Inc.’s holdings in Arista Networks were worth $1,365,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. HRT Financial LLC purchased a new stake in Arista Networks during the second quarter worth approximately $252,000. NorthCoast Asset Management LLC lifted its stake in Arista Networks by 377.6% during the second quarter. NorthCoast Asset Management LLC now owns 73,853 shares of the technology company’s stock worth $19,016,000 after purchasing an additional 58,389 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Arista Networks by 1.4% during the second quarter. Public Employees Retirement System of Ohio now owns 35,479 shares of the technology company’s stock worth $9,135,000 after purchasing an additional 484 shares during the last quarter. Stanley Laman Group Ltd. lifted its stake in Arista Networks by 1.5% during the second quarter. Stanley Laman Group Ltd. now owns 22,688 shares of the technology company’s stock worth $5,842,000 after purchasing an additional 330 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in Arista Networks by 11.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 102,412 shares of the technology company’s stock worth $26,371,000 after purchasing an additional 10,467 shares during the last quarter. 54.71% of the stock is owned by institutional investors and hedge funds.
In other news, Director Nikos Theodosopoulos sold 110 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $273.27, for a total transaction of $30,059.70. Following the completion of the sale, the director now owns 2,073 shares in the company, valued at $566,488.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $260.26, for a total value of $520,520.00. Following the sale, the senior vice president now owns 15,371 shares of the company’s stock, valued at approximately $4,000,456.46. The disclosure for this sale can be found here. Insiders have sold 216,820 shares of company stock valued at $64,349,221 in the last 90 days. Company insiders own 24.95% of the company’s stock.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, August 2nd. The technology company reported $1.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.50 by $0.43. Arista Networks had a return on equity of 28.51% and a net margin of 28.07%. The business had revenue of $519.85 million during the quarter, compared to analysts’ expectations of $509.62 million. During the same quarter in the prior year, the business earned $1.34 earnings per share. The company’s quarterly revenue was up 28.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Arista Networks Inc will post 6.43 EPS for the current fiscal year.
ANET has been the subject of several recent analyst reports. Credit Suisse Group set a $303.00 target price on Arista Networks and gave the stock a “buy” rating in a research note on Friday, June 29th. Piper Jaffray Companies upgraded Arista Networks from a “neutral” rating to an “overweight” rating and set a $315.00 target price for the company in a research note on Monday, July 9th. Zacks Investment Research upgraded Arista Networks from a “hold” rating to a “buy” rating and set a $303.00 target price for the company in a research note on Tuesday, July 10th. JPMorgan Chase & Co. boosted their target price on Arista Networks from $282.00 to $287.00 and gave the stock a “hold” rating in a research note on Monday, July 23rd. Finally, Loop Capital boosted their target price on Arista Networks to $260.00 and gave the stock a “hold” rating in a research note on Friday, August 3rd. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $287.41.
Arista Networks Profile
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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