DNB Asset Management AS increased its stake in Arista Networks, Inc. (NYSE: ANET – Get a rating) by 7.1% during the first quarter, Participation channel reports. The company held 35,587 shares of the technology company after acquiring 2,373 additional shares during the quarter. DNB Asset Management AS’s holdings in Arista Networks were worth $4,946,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also bought and sold shares of the company. Metropolitan Life Insurance Co NY increased its stake in Arista Networks by 296.5% in Q4. Metropolitan Life Insurance Co NY now owns 35,533 shares of the technology company worth $5,108,000 after purchasing an additional 26,572 shares in the last quarter. ACG Wealth increased its equity stake in Arista Networks by 145.1% during the 4th quarter. ACG Wealth now owns 12,291 shares of the technology company worth $1,767,000 after acquiring an additional 7,276 shares last quarter. Cambridge Investment Research Advisors Inc. increased its holdings of Arista Networks shares by 527.3% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 51,825 shares of the technology company worth $7,450,000 after acquiring 43,563 additional shares in the last quarter. MetLife Investment Management LLC increased its equity stake in Arista Networks by 287.9% during the 4th quarter. MetLife Investment Management LLC now owns 49,560 shares of the technology company worth $7,124,000 after acquiring 36,783 additional shares last quarter. Finally, Avantax Advisory Services Inc. purchased a new stake in Arista Networks stock during Q4 for a value of approximately $1,847,000. 67.10% of the shares are currently held by institutional investors.
Shares of ANET Share opened at $93.04 on Thursday. Arista Networks, Inc. has a 12-month low of $85.18 and a 12-month high of $148.57. The stock has a market capitalization of $28.68 billion, a price/earnings ratio of 31.86, a P/E/G ratio of 1.81 and a beta of 1.29. The stock has a fifty-day simple moving average of $106.85 and a two-hundred-day simple moving average of $121.46.
Arista Networks (NYSE: ANET – Get a rating) last released its results on Monday, May 2. The technology company reported earnings per share of $0.78 for the quarter, beating the consensus estimate of $0.68 by $0.10. Arista Networks had a return on equity of 21.16% and a net margin of 29.54%. The company posted revenue of $877.07 million in the quarter, compared to $854.01 million expected by analysts. During the same period of the previous year, the company achieved EPS of $0.57. Analysts expect Arista Networks, Inc. to post EPS of 3.18 for the current fiscal year.
Several brokerages have recently published reports on ANET. Cowen raised his price target on Arista Networks from $151.00 to $154.00 in a Tuesday, May 3 report. Piper Sandler reduced her price target on Arista Networks from $139.00 to $133.00 in a Tuesday, May 3 report. Cowen raised his price target on Arista Networks from $151.00 to $154.00 in a Tuesday, May 3 report. Barclays reduced its target price on Arista Networks from $140.00 to $138.00 in a Tuesday May 3 research report. To finish, StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a Thursday, May 5, research report. Seven research analysts gave the stock a hold rating and thirteen gave the company a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $153.08.
In related news, the director Battles of Kelly Bodnar sold 560 shares of the company in a trade on Tuesday, May 24. The stock was sold at an average price of $98.50, for a total transaction of $55,160.00. Following the completion of the sale, the administrator now directly owns 2,212 shares of the company, valued at approximately $217,882. The sale was disclosed in a document filed with the Securities & Exchange Commission, available at the SEC website. Also, please Marc Taxay sold 1,040 shares of the company in a trade on Friday, April 1. The stock was sold at an average price of $140.33, for a total value of $145,943.20. Disclosure of this sale can be found here. Insiders sold a total of 552,308 shares of the company valued at $58,523,220 during the last quarter. Insiders of the company hold 19.59% of the shares of the company.
Arista Networks Company Profile (Get a rating)
Arista Networks, Inc develops, markets and sells cloud network solutions in America, Europe, the Middle East, Africa and Asia-Pacific. The company’s cloud networking solutions consist of extensible operating systems, a set of network applications, and Gigabit Ethernet switching and routing platforms.
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