Myriad Asset Management Ltd. adds Arista Networks Inc (ANET) to its portfolio

Arista Networks Inc (ANET) : Myriad Asset Management Ltd. added new position in Arista Networks Inc during the most recent quarter end. The investment management firm now holds 249,600 shares of Arista Networks Inc which is valued at $16.8 Million , the company said in a statement filed on May 13, 2016 with the SEC.Arista Networks Inc makes up approximately 5.30% of Myriad Asset Management Ltd.’s portfolio.

Other Hedge Funds, Including , Wall Street Associates sold out all of its stake in ANET during the most recent quarter. The investment firm sold 4,681 shares of ANET which is valued $315,780.Sumitomo Mitsui Asset Management Company Ltd reduced its stake in ANET by selling 757 shares or 7.21% in the most recent quarter. The Hedge Fund company now holds 9,743 shares of ANET which is valued at $657,263. Arista Networks Inc makes up approx 0.02% of Sumitomo Mitsui Asset Management Company Ltd’s portfolio.Blackrock Group Ltd boosted its stake in ANET in the latest quarter, The investment management firm added 4,887 additional shares and now holds a total of 21,310 shares of Arista Networks Inc which is valued at $1.4 Million. Capital Fund Management S.a. added ANET to its portfolio by purchasing 71,955 company shares during the most recent quarter which is valued at $4.8 Million. Arista Networks Inc makes up approx 0.08% of Capital Fund Management S.a.’s portfolio.Public Employees Retirement Association Of Colorado reduced its stake in ANET by selling 2 shares or 0.18% in the most recent quarter. The Hedge Fund company now holds 1,082 shares of ANET which is valued at $72,083.

Arista Networks Inc closed down -0.36 points or -0.50% at $71.96 with 6,17,293 shares getting traded on Wednesday. Post opening the session at $72.5, the shares hit an intraday low of $71.71 and an intraday high of $72.82 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Arista Networks Inc reported $0.68 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.60. The company had revenue of $242.20 million for the quarter, compared to analysts expectations of $237.55 million. The company’s revenue was up 35.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.

Many Wall Street Analysts have commented on Arista Networks Inc. Arista Networks Inc was Initiated by JP Morgan to “Neutral” on May 13, 2016. Company shares were Reiterated by RBC Capital Mkts on May 6, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 70 from a previous price target of $62 .Company shares were Reiterated by RBC Capital Mkts on Mar 30, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 62 from a previous price target of $60 .

Arista Networks Inc. is a supplier of cloud networking solutions that use software to address the needs Internet companies cloud service providers and next-generation data centers for enterprises. The Company’s cloud networking solutions consist of its Extensible Operating System (EOS) a set of network applications and its 10/40/100 Gigabit Ethernet switches. The Company offers range of product lines of data center 10/40/100 Gigabit Ethernet switches in the industry which consist of its 7050 Series and 7150 Series top-of-rack switches 72XX/7300 X Series SPLINE switches and its 7280 and 7500 E Series spine switches. EOS supports cloud and virtualization solutions including VMware NSX Microsoft System Center OpenStack and other cloud management frameworks. The Company also offers EOS+ a software platform for network programmability and automation.

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