Arista Networks, Inc. (NYSE:ANET) Stake Increased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 33.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,358 shares of the technology company’s stock after acquiring an additional 13,294 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Arista Networks were worth $20,480,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. UniSuper Management Pty Ltd lifted its stake in Arista Networks by 20.3% during the first quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after purchasing an additional 6,133 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Arista Networks in the 1st quarter valued at about $1,405,000. M&G Plc bought a new stake in shares of Arista Networks during the 1st quarter valued at about $3,238,000. Nordea Investment Management AB raised its stake in Arista Networks by 32.5% during the first quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock worth $7,810,000 after acquiring an additional 6,578 shares during the period. Finally, Deepwater Asset Management LLC acquired a new position in Arista Networks in the second quarter valued at approximately $15,084,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

Arista Networks stock opened at $407.31 on Friday. The firm has a market cap of $127.64 billion, a price-to-earnings ratio of 56.73, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $422.73. The firm’s 50 day moving average price is $365.93 and its two-hundred day moving average price is $330.60.

Arista Networks (NYSE:ANET) last released its quarterly 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. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the previous year, the business earned $1.41 earnings per share. The firm’s revenue was up 15.9% compared to the same quarter last year. As a group, equities analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $394.69, for a total value of $7,893,800.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at $1,280,374.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,197 shares of company stock worth $21,326,894 over the last quarter. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. The Goldman Sachs Group raised their price target on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Piper Sandler boosted their price target on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. UBS Group lifted their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Morgan Stanley upped their target price on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Finally, Bank of America lifted their price target on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $369.50.

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.