Xact Kapitalforvaltning AB Sells 511 Shares of Arista Networks Inc (ANET)

Xact Kapitalforvaltning AB lowered its position in Arista Networks Inc (NYSE:ANET) by 4.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,752 shares of the technology company’s stock after selling 511 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in Arista Networks were worth $2,859,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ANET. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in shares of Arista Networks during the 2nd quarter worth approximately $129,000. Signet Financial Management LLC purchased a new stake in shares of Arista Networks during the 2nd quarter worth approximately $142,000. Cerebellum GP LLC purchased a new stake in shares of Arista Networks during the 2nd quarter worth approximately $159,000. NewSquare Capital LLC purchased a new stake in shares of Arista Networks during the 2nd quarter worth approximately $181,000. Finally, Foundry Partners LLC purchased a new stake in shares of Arista Networks during the 3rd quarter worth approximately $200,000. Institutional investors own 54.49% of the company’s stock.

Shares of ANET opened at $228.46 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.87 and a current ratio of 3.17. The firm has a market capitalization of $16.43 billion, a price-to-earnings ratio of 49.13, a PEG ratio of 1.59 and a beta of 1.47. Arista Networks Inc has a 1 year low of $177.92 and a 1 year high of $313.37.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, August 2nd. The technology company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.43. The company had revenue of $519.85 million for the quarter, compared to analysts’ expectations of $509.62 million. Arista Networks had a net margin of 28.07% and a return on equity of 28.51%. Arista Networks’s revenue was up 28.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 EPS. As a group, equities research analysts expect that Arista Networks Inc will post 6.44 EPS for the current year.

In other news, SVP Kenneth Duda sold 11,000 shares of the company’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $268.73, for a total transaction of $2,956,030.00. Following the transaction, the senior vice president now directly owns 1,845 shares of the company’s stock, valued at approximately $495,806.85. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 64,750 shares of the company’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $305.94, for a total transaction of $19,809,615.00. Following the transaction, the chief executive officer now directly owns 14,704 shares in the company, valued at $4,498,541.76. The disclosure for this sale can be found here. Insiders sold a total of 214,737 shares of company stock worth $63,805,710 over the last three months. 24.95% of the stock is currently owned by corporate insiders.

Several brokerages have recently weighed in on ANET. Stifel Nicolaus began coverage on shares of Arista Networks in a research report on Monday, October 22nd. They set a “buy” rating and a $275.00 price objective for the company. Zacks Investment Research upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and set a $303.00 price objective for the company in a research report on Tuesday, July 10th. KeyCorp restated a “buy” rating and set a $310.00 price objective on shares of Arista Networks in a research report on Friday, August 3rd. DA Davidson boosted their price objective on shares of Arista Networks from $300.00 to $312.00 and gave the stock a “buy” rating in a research report on Friday, August 3rd. Finally, BMO Capital Markets upgraded shares of Arista Networks from a “market perform” rating to an “outperform” rating and set a $279.00 price objective for the company in a research report on Wednesday, October 17th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $286.48.

About Arista Networks

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

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