AustralianSuper Pty Ltd Acquires 2,930 Shares of Arista Networks, Inc. (NYSE:ANET)

AustralianSuper Pty Ltd grew its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 34.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 11,338 shares of the technology company’s stock after purchasing an additional 2,930 shares during the period. AustralianSuper Pty Ltd’s holdings in Arista Networks were worth $4,352,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GQG Partners LLC purchased a new position in Arista Networks in the first quarter valued at approximately $881,848,000. Legal & General Group Plc raised its stake in shares of Arista Networks by 0.9% in the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after buying an additional 20,278 shares during the period. Swedbank AB purchased a new position in shares of Arista Networks during the 1st quarter valued at $521,767,000. Ameriprise Financial Inc. grew its stake in shares of Arista Networks by 97.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after acquiring an additional 884,703 shares during the period. Finally, TD Asset Management Inc increased its holdings in Arista Networks by 18.7% in the 1st quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock worth $273,652,000 after acquiring an additional 148,759 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Down 2.4 %

ANET opened at $386.44 on Friday. The stock has a market cap of $121.10 billion, a PE ratio of 53.82, a PEG ratio of 3.21 and a beta of 1.07. The business has a 50 day moving average of $375.35 and a 200-day moving average of $337.82. Arista Networks, Inc. has a 52 week low of $187.68 and a 52 week high of $422.73.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.41 EPS. Equities analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Activity at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the sale, the director now owns 2,726 shares in the company, valued at approximately $883,278.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the sale, the director now directly owns 2,726 shares in the company, valued at approximately $883,278.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $7,893,800.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,522 shares of company stock valued at $20,099,338 in the last three months. Company insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ANET shares. Needham & Company LLC reaffirmed a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a report on Wednesday, July 31st. Evercore ISI raised their price objective on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. KeyCorp increased their target price on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Piper Sandler upped their price target on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. Finally, Morgan Stanley raised their price target on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $373.88.

Arista Networks 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.