Nissay Asset Management Corp Japan ADV cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 2.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 5,996 shares of the technology company’s stock after selling 168 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Arista Networks were worth $1,810,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of ANET. Norges Bank bought a new position in Arista Networks during the 4th quarter valued at $179,575,000. Alliancebernstein L.P. lifted its stake in Arista Networks by 73.1% during the 1st quarter. Alliancebernstein L.P. now owns 1,270,897 shares of the technology company’s stock valued at $383,671,000 after acquiring an additional 536,680 shares in the last quarter. BlackRock Inc. raised its stake in shares of Arista Networks by 5.6% during the 4th quarter. BlackRock Inc. now owns 4,459,732 shares of the technology company’s stock worth $1,295,865,000 after purchasing an additional 234,774 shares during the period. Fiera Capital Corp bought a new stake in shares of Arista Networks during the 4th quarter worth $44,797,000. Finally, Principal Financial Group Inc. raised its stake in shares of Arista Networks by 143.7% during the 1st quarter. Principal Financial Group Inc. now owns 182,474 shares of the technology company’s stock worth $55,087,000 after purchasing an additional 107,595 shares during the period. Institutional investors and hedge funds own 61.79% of the company’s stock.
ANET has been the topic of a number of recent analyst reports. Jefferies Financial Group lifted their target price on Arista Networks from $240.00 to $295.00 and gave the stock a “hold” rating in a research note on Friday, February 19th. They noted that the move was a valuation call. Piper Sandler lifted their target price on Arista Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a research note on Friday, February 19th. Rosenblatt Securities lifted their target price on Arista Networks from $360.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, February 19th. Barclays lifted their target price on Arista Networks from $294.00 to $325.00 and gave the stock an “equal weight” rating in a research note on Friday, February 19th. Finally, KeyCorp lifted their price objective on Arista Networks from $365.00 to $370.00 and gave the stock an “overweight” rating in a report on Wednesday, May 5th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Arista Networks has an average rating of “Buy” and a consensus price target of $338.53.
Arista Networks (NYSE:ANET) last posted its earnings results on Monday, May 3rd. The technology company reported $2.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.38 by $0.12. The business had revenue of $667.56 million during the quarter, compared to analyst estimates of $642.57 million. Arista Networks had a return on equity of 20.73% and a net margin of 27.48%. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.02 EPS. As a group, sell-side analysts predict that Arista Networks, Inc. will post 8.7 earnings per share for the current fiscal year.
In other news, CEO Jayshree Ullal sold 1,375 shares of Arista Networks stock in a transaction dated Monday, June 7th. The stock was sold at an average price of $350.52, for a total transaction of $481,965.00. Following the completion of the sale, the chief executive officer now owns 2,033 shares in the company, valued at approximately $712,607.16. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 751 shares of Arista Networks stock in a transaction dated Thursday, April 1st. The shares were sold at an average price of $304.06, for a total value of $228,349.06. Following the sale, the senior vice president now owns 167 shares of the company’s stock, valued at approximately $50,778.02. The disclosure for this sale can be found here. Insiders have sold a total of 84,412 shares of company stock valued at $27,578,768 in the last ninety days. Insiders own 23.77% of the company’s stock.
Arista Networks Profile
Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.
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