Congress Asset Management Co. Has $176.44 Million Position in Arista Networks, Inc. (NYSE:ANET)

Congress Asset Management Co. lifted its position in Arista Networks, Inc. (NYSE:ANET) by 0.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 459,704 shares of the technology company’s stock after buying an additional 2,053 shares during the period. Arista Networks makes up about 1.2% of Congress Asset Management Co.’s portfolio, making the stock its 8th largest position. Congress Asset Management Co. owned approximately 0.15% of Arista Networks worth $176,444,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. UniSuper Management Pty Ltd raised its holdings in shares of Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after acquiring an additional 6,133 shares during the period. Central Pacific Bank Trust Division purchased a new stake in shares of Arista Networks during the 1st quarter worth $1,405,000. M&G Plc acquired a new position in Arista Networks in the first quarter valued at approximately $3,238,000. Nordea Investment Management AB boosted its stake in Arista Networks by 32.5% in the first quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after acquiring an additional 6,578 shares in the last quarter. Finally, Deepwater Asset Management LLC acquired a new stake in shares of Arista Networks in the 2nd quarter valued at about $15,084,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity

In other news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Marc Taxay sold 4,497 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $336.32, for a total value of $1,512,431.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at $5,624,679.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,354 shares of company stock valued at $20,364,014. 3.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ANET has been the subject of several recent research reports. KeyCorp raised their price target on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Evercore ISI boosted their price objective on shares of Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Needham & Company LLC reiterated a “buy” rating and set a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. Finally, Barclays lifted their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $373.88.

Arista Networks Stock Down 2.8 %

Shares of NYSE ANET traded down $10.93 during midday trading on Thursday, hitting $385.07. 759,700 shares of the company’s stock were exchanged, compared to its average volume of 2,196,386. The company’s 50 day moving average price is $374.66 and its 200 day moving average price is $337.48. Arista Networks, Inc. has a 12 month low of $187.68 and a 12 month high of $422.73. The firm has a market capitalization of $120.67 billion, a PE ratio of 55.15, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the business earned $1.41 earnings per share. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities research analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current year.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.