Amalgamated Bank Has $19.17 Million Stake in Arista Networks, Inc. (NYSE:ANET)

Amalgamated Bank raised its position in Arista Networks, Inc. (NYSE:ANET) by 0.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,687 shares of the technology company’s stock after buying an additional 371 shares during the quarter. Amalgamated Bank’s holdings in Arista Networks were worth $19,167,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. UniSuper Management Pty Ltd increased its holdings in Arista Networks by 20.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after buying an additional 6,133 shares during the period. PNC Financial Services Group Inc. increased its holdings in Arista Networks by 7.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock valued at $12,082,000 after buying an additional 3,763 shares during the period. Central Pacific Bank Trust Division bought a new position in Arista Networks in the 1st quarter valued at about $1,405,000. M&G Plc bought a new position in Arista Networks in the 1st quarter valued at about $3,238,000. Finally, Nordea Investment Management AB increased its holdings in Arista Networks by 32.5% in the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after buying an additional 6,578 shares during the period. 82.47% of the stock is owned by institutional investors.

Arista Networks Price Performance

ANET opened at $360.97 on Wednesday. The firm has a market capitalization of $113.11 billion, a price-to-earnings ratio of 50.27, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $376.50. The company’s 50 day moving average price is $340.74 and its two-hundred day moving average price is $315.02.

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

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the transaction, the chief executive officer now owns 1,600,800 shares in the company, valued at approximately $555,477,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the transaction, the chief executive officer now owns 1,600,800 shares in the company, valued at approximately $555,477,600. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 106,989 shares of company stock worth $37,891,416. Company insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on ANET. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Needham & Company LLC reaffirmed 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. lifted their price target on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Evercore ISI reaffirmed an “outperform” rating and set a $400.00 price target on shares of Arista Networks in a report on Friday, September 13th. Finally, Wells Fargo & Company lifted their price target on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $358.63.

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.