QRG Capital Management Inc. Has $14.67 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

QRG Capital Management Inc. lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 41,852 shares of the technology company’s stock after buying an additional 782 shares during the period. QRG Capital Management Inc.’s holdings in Arista Networks were worth $14,668,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. GQG Partners LLC acquired a new stake in Arista Networks in the first quarter valued at $881,848,000. Norges Bank acquired a new stake in Arista Networks in the fourth quarter valued at $586,051,000. Swedbank AB acquired a new stake in Arista Networks in the first quarter valued at $521,767,000. Vanguard Group Inc. increased its holdings in Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Finally, TD Asset Management Inc grew its holdings in Arista Networks by 145.5% during the 4th quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after acquiring an additional 471,099 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total value of $7,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,615,800 shares in the company, valued at approximately $512,208,600. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $294.40, for a total transaction of $588,800.00. Following the completion of the sale, the director now owns 54,946 shares in the company, valued at approximately $16,176,102.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the sale, the chief executive officer now owns 1,615,800 shares of the company’s stock, valued at approximately $512,208,600. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,066 shares of company stock worth $61,786,294. Insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ANET. Bank of America increased their price target on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Morgan Stanley increased their price target on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. 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. JPMorgan Chase & Co. increased their price target on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Evercore ISI increased their price target on Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average price target of $353.38.

Arista Networks Trading Up 0.4 %

NYSE ANET traded up $1.31 during trading hours on Friday, hitting $335.81. The company’s stock had a trading volume of 1,594,819 shares, compared to its average volume of 2,478,754. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $376.50. The company has a market capitalization of $105.23 billion, a PE ratio of 46.77, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11. The company’s 50-day simple moving average is $334.21 and its two-hundred day simple moving average is $300.26.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter last year, the firm earned $1.41 EPS. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. Research analysts anticipate that Arista Networks, Inc. will post 7.29 EPS for the current fiscal year.

Arista Networks declared that its board has authorized a share repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Arista Networks Company Profile

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.