QRG Capital Management Inc. Increases Stake in Arista Networks, Inc. (NYSE:ANET)

QRG Capital Management Inc. lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 77.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 74,089 shares of the technology company’s stock after acquiring an additional 32,237 shares during the period. QRG Capital Management Inc.’s holdings in Arista Networks were worth $28,437,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. J.W. Cole Advisors Inc. purchased a new position in Arista Networks in the first quarter valued at approximately $312,000. Janney Montgomery Scott LLC raised its holdings in Arista Networks by 25.9% in the first quarter. Janney Montgomery Scott LLC now owns 42,089 shares of the technology company’s stock valued at $12,205,000 after buying an additional 8,656 shares during the period. Nordea Investment Management AB raised its holdings in Arista Networks by 32.5% in the first quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after buying an additional 6,578 shares during the period. Graypoint LLC raised its holdings in Arista Networks by 3.5% in the first quarter. Graypoint LLC now owns 1,752 shares of the technology company’s stock valued at $508,000 after buying an additional 60 shares during the period. Finally, Financial Counselors Inc. purchased a new position in Arista Networks in the first quarter valued at approximately $215,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of ANET traded up $2.66 during midday trading on Monday, hitting $396.83. 118,613 shares of the stock traded hands, compared to its average volume of 2,190,638. Arista Networks, Inc. has a 1-year low of $203.19 and a 1-year high of $422.73. The firm has a market capitalization of $124.66 billion, a PE ratio of 51.12, a price-to-earnings-growth ratio of 3.40 and a beta of 1.08. The business’s 50 day moving average price is $376.13 and its two-hundred day moving average price is $339.82.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction dated Tuesday, August 6th. The shares were 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 $883,278.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of the business’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 directly owns 2,726 shares in the company, valued at approximately $883,278.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,522 shares of company stock worth $20,099,338 over the last ninety days. 3.54% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently commented on ANET shares. Piper Sandler raised 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. Wells Fargo & Company lifted their price objective on shares of Arista Networks from $390.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a research note on Wednesday, July 31st. Finally, KeyCorp lifted their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $373.88.

About Arista Networks

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.