Arista Networks, Inc. (NYSE:ANET) is Chase Investment Counsel Corp’s 10th Largest Position

Chase Investment Counsel Corp lessened its position in Arista Networks, Inc. (NYSE:ANET) by 11.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,924 shares of the technology company’s stock after selling 2,268 shares during the quarter. Arista Networks accounts for 2.0% of Chase Investment Counsel Corp’s portfolio, making the stock its 10th largest position. Chase Investment Counsel Corp’s holdings in Arista Networks were worth $5,931,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ANET. Quarry LP lifted its position in shares of Arista Networks by 36.7% during the second quarter. Quarry LP now owns 205 shares of the technology company’s stock worth $72,000 after purchasing an additional 55 shares during the last quarter. Covington Investment Advisors Inc. lifted its holdings in Arista Networks by 104.8% during the 2nd quarter. Covington Investment Advisors Inc. now owns 41,118 shares of the technology company’s stock valued at $14,411,000 after buying an additional 21,043 shares in the last quarter. Front Row Advisors LLC purchased a new stake in Arista Networks in the 2nd quarter valued at about $1,765,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Arista Networks by 140.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 26,367 shares of the technology company’s stock worth $9,241,000 after acquiring an additional 15,421 shares during the period. Finally, NewEdge Advisors LLC raised its stake in shares of Arista Networks by 0.9% during the second quarter. NewEdge Advisors LLC now owns 25,581 shares of the technology company’s stock valued at $8,966,000 after acquiring an additional 231 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Price Performance

ANET opened at $380.26 on Monday. The stock has a market cap of $119.16 billion, a P/E ratio of 52.96, a P/E/G ratio of 3.04 and a beta of 1.07. The firm has a fifty day moving average price of $345.69 and a 200 day moving average price of $320.68. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $395.82.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ANET. UBS Group lifted their target price on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. KeyCorp upped their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Rosenblatt Securities boosted their price target on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. One equities research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $363.25.

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Arista Networks news, SVP Marc Taxay sold 628 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,157 shares of company stock valued at $19,291,193. 3.54% of the stock is owned by corporate insiders.

Arista Networks 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.