Summit Trail Advisors LLC Trims Stake in Arista Networks Inc (ANET)

Summit Trail Advisors LLC lowered its holdings in shares of Arista Networks Inc (NYSE:ANET) by 1.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,300 shares of the technology company’s stock after selling 374 shares during the quarter. Arista Networks makes up approximately 1.6% of Summit Trail Advisors LLC’s holdings, making the stock its 17th biggest position. Summit Trail Advisors LLC’s holdings in Arista Networks were worth $4,488,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ascent Wealth Partners LLC bought a new position in shares of Arista Networks during the 4th quarter valued at approximately $436,000. Nomura Asset Management Co. Ltd. boosted its stake in Arista Networks by 7.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 7,500 shares of the technology company’s stock worth $1,580,000 after purchasing an additional 510 shares during the period. Great West Life Assurance Co. Can boosted its stake in Arista Networks by 12.7% in the 4th quarter. Great West Life Assurance Co. Can now owns 54,643 shares of the technology company’s stock worth $11,209,000 after purchasing an additional 6,147 shares during the period. NumerixS Investment Technologies Inc bought a new position in Arista Networks in the 4th quarter worth approximately $123,000. Finally, Employees Retirement System of Texas boosted its stake in Arista Networks by 600.0% in the 4th quarter. Employees Retirement System of Texas now owns 7,000 shares of the technology company’s stock worth $1,475,000 after purchasing an additional 6,000 shares during the period. 56.99% of the stock is owned by hedge funds and other institutional investors.

Get Arista Networks alerts:

In related news, SVP Marc Taxay sold 2,000 shares of the stock in a transaction on Wednesday, January 2nd. The stock was sold at an average price of $210.14, for a total transaction of $420,280.00. Following the sale, the senior vice president now owns 16,283 shares in the company, valued at approximately $3,421,709.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jayshree Ullal sold 32,394 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $286.58, for a total value of $9,283,472.52. Following the sale, the chief executive officer now owns 10,425 shares in the company, valued at approximately $2,987,596.50. The disclosure for this sale can be found here. Insiders have sold a total of 155,182 shares of company stock worth $42,036,471 in the last 90 days. 24.95% of the stock is currently owned by insiders.

Several research firms have weighed in on ANET. Nomura upgraded Arista Networks from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a research note on Friday, January 18th. Morgan Stanley upgraded Arista Networks from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $290.00 to $250.00 in a research note on Monday, January 7th. ValuEngine downgraded Arista Networks from a “hold” rating to a “sell” rating in a research note on Tuesday, January 29th. Zacks Investment Research downgraded Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, January 3rd. Finally, Bank of America upgraded Arista Networks from a “neutral” rating to a “buy” rating and set a $300.00 price target for the company in a research note on Thursday, December 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $296.24.

Shares of ANET traded down $2.81 during mid-day trading on Friday, hitting $273.42. 9,901 shares of the stock were exchanged, compared to its average volume of 1,024,434. The stock has a market capitalization of $20.56 billion, a price-to-earnings ratio of 38.72, a price-to-earnings-growth ratio of 1.67 and a beta of 1.40. Arista Networks Inc has a 52-week low of $187.08 and a 52-week high of $313.37. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.48 and a quick ratio of 4.04.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, February 14th. The technology company reported $2.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.80 by $0.45. Arista Networks had a return on equity of 29.37% and a net margin of 29.47%. The business had revenue of $595.70 million for the quarter, compared to analysts’ expectations of $591.41 million. During the same period in the prior year, the firm earned $1.71 EPS. The company’s revenue for the quarter was up 27.3% on a year-over-year basis. On average, sell-side analysts expect that Arista Networks Inc will post 8.24 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: This story was first published by Ticker Report and is the sole property of of Ticker Report. If you are viewing this story on another domain, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.tickerreport.com/banking-finance/4207422/summit-trail-advisors-llc-trims-stake-in-arista-networks-inc-anet.html.

Arista Networks Profile

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.

Recommended Story: Do stock splits help investors?

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks Inc (NYSE:ANET).