Tiger Global Management Exits Position in Arista Networks Inc (ANET)

Arista Networks Inc (ANET) : Tiger Global Management has sold out all of its stake in Arista Networks Inc during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 400,000 shares of Arista Networks Inc which is valued at $30,312,000.

Other Hedge Funds, Including , Lpl Financial reduced its stake in ANET by selling 4,724 shares or 54.39% in the most recent quarter. The Hedge Fund company now holds 3,962 shares of ANET which is valued at $300,240.Clinton Group Inc reduced its stake in ANET by selling 1,989 shares or 12.13% in the most recent quarter. The Hedge Fund company now holds 14,405 shares of ANET which is valued at $1,091,611. Arista Networks Inc makes up approx 0.05% of Clinton Group Inc’s portfolio.Janney Montgomery Scott boosted its stake in ANET in the latest quarter, The investment management firm added 340 additional shares and now holds a total of 8,630 shares of Arista Networks Inc which is valued at $619,203. Arista Networks Inc makes up approx 0.01% of Janney Montgomery Scott’s portfolio. Quantitative Investment Management added ANET to its portfolio by purchasing 21,400 company shares during the most recent quarter which is valued at $1,525,820. Arista Networks Inc makes up approx 0.07% of Quantitative Investment Management’s portfolio.Sit Investment Associates Inc boosted its stake in ANET in the latest quarter, The investment management firm added 2,400 additional shares and now holds a total of 47,450 shares of Arista Networks Inc which is valued at $3,381,762. Arista Networks Inc makes up approx 0.09% of Sit Investment Associates Inc’s portfolio.

Arista Networks Inc closed down -0.01 points or -0.01% at $79.67 with 6,72,804 shares getting traded on Thursday. Post opening the session at $79.93, the shares hit an intraday low of $79.29 and an intraday high of $80.39 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Arista Networks Inc reported $0.74 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.68. The company had revenue of $268.70 million for the quarter, compared to analysts expectations of $262.90 million. The company’s revenue was up 37.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 EPS.

Many Wall Street Analysts have commented on Arista Networks Inc. Company shares were Reiterated by RBC Capital Mkts on Aug 31, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 80 from a previous price target of $70 .Company shares were Reiterated by UBS on Aug 5, 2016 to “Neutral”, Firm has raised the Price Target to $ 72 from a previous price target of $68 .Arista Networks Inc was Downgraded by BofA/Merrill to ” Underperform” on Jun 27, 2016.

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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