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

QRG Capital Management Inc. boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 1.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Benjamin Edwards Inc. acquired a new position in Arista Networks in the 1st quarter worth about $26,000. Financial Synergies Wealth Advisors Inc. increased its position in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after purchasing an additional 96 shares during the last quarter. Rakuten Securities Inc. acquired a new position in Arista Networks in the 4th quarter worth about $35,000. Sugarloaf Wealth Management LLC acquired a new position in Arista Networks in the 2nd quarter worth about $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Arista Networks in the 2nd quarter worth about $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Citigroup upped their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Rosenblatt Securities increased their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. KeyCorp increased their price objective on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Evercore ISI increased their price objective on Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Finally, Wells Fargo & Company increased their price objective on 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 assigned a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $353.38.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $293.14, for a total value of $243,892.48. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $5,183,008.34. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $293.14, for a total transaction of $243,892.48. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $5,183,008.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Yvonne Wassenaar sold 223 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total value of $70,543.82. Following the sale, the director now directly owns 2,976 shares of the company’s stock, valued at $941,427.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,066 shares of company stock valued at $61,786,294. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 0.4 %

Shares of ANET stock traded up $1.31 during mid-day trading on Friday, reaching $335.81. The stock had a trading volume of 1,594,819 shares, compared to its average volume of 2,478,754. The firm’s 50 day simple moving average is $334.21 and its 200 day simple moving average is $300.26. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The firm has a market cap of $105.23 billion, a PE ratio of 46.77, a P/E/G ratio of 2.70 and a beta of 1.11.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the company earned $1.41 EPS. The company’s quarterly revenue was up 15.9% on a year-over-year basis. Sell-side analysts forecast that Arista Networks, Inc. will post 7.29 earnings per share for the current fiscal year.

Arista Networks announced that its board has approved a stock buyback plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board 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.