Resona Asset Management Co. Ltd. Buys Shares of 317,968 Arista Networks, Inc. (NYSE:ANET)

Resona Asset Management Co. Ltd. bought a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, HoldingsChannel reports. The firm bought 317,968 shares of the technology company’s stock, valued at approximately $35,254,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Stock Yards Bank & Trust Co. purchased a new position in Arista Networks in the 4th quarter valued at about $242,000. GHE LLC lifted its stake in shares of Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock valued at $3,136,000 after buying an additional 21,597 shares during the period. Colonial River Investments LLC boosted its position in Arista Networks by 327.6% during the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock worth $1,077,000 after acquiring an additional 7,466 shares during the last quarter. Unified Investment Management acquired a new position in Arista Networks in the 4th quarter valued at $630,000. Finally, Berkshire Capital Holdings Inc. lifted its stake in shares of Arista Networks by 257.6% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company’s stock worth $8,505,000 after purchasing an additional 55,430 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Citigroup lifted their price objective on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Morgan Stanley lifted their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Piper Sandler reiterated a “neutral” rating and set a $108.00 price objective (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Evercore ISI increased their price target on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus price target of $114.00.

Arista Networks Price Performance

Shares of ANET opened at $64.28 on Friday. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.58. The stock has a market cap of $81.07 billion, a PE ratio of 28.96, a P/E/G ratio of 3.10 and a beta of 1.30. The stock’s 50-day moving average is $94.01 and its two-hundred day moving average is $101.21.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling

In other Arista Networks news, SVP Marc Taxay sold 51,848 shares of Arista Networks stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock valued at $48,840,431 in the last quarter. Company insiders own 3.54% of the company’s stock.

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.