BI Asset Management Fondsmaeglerselskab A S Has $21.11 Million Holdings in Arista Networks, Inc. $ANET

by · The Markets Daily

BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 17.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 272,486 shares of the technology company’s stock after purchasing an additional 40,117 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Arista Networks were worth $21,112,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ANET. Cresset Asset Management LLC grew its position in shares of Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Arista Networks during the 1st quarter worth approximately $933,626,000. Nuveen Asset Management LLC boosted its position in shares of Arista Networks by 330.8% during the 4th quarter. Nuveen Asset Management LLC now owns 11,292,585 shares of the technology company’s stock worth $1,248,169,000 after acquiring an additional 8,671,235 shares in the last quarter. Northern Trust Corp boosted its position in shares of Arista Networks by 354.3% during the 4th quarter. Northern Trust Corp now owns 9,942,816 shares of the technology company’s stock worth $1,098,979,000 after acquiring an additional 7,753,991 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Arista Networks by 278.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,641,326 shares of the technology company’s stock worth $955,126,000 after acquiring an additional 6,357,753 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Barclays reiterated an “overweight” rating and set a $151.00 price target (up previously from $119.00) on shares of Arista Networks in a research report on Thursday, August 7th. The Goldman Sachs Group increased their price target on shares of Arista Networks from $115.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Citigroup increased their price target on shares of Arista Networks from $123.00 to $136.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Wolfe Research assumed coverage on shares of Arista Networks in a research report on Tuesday, July 8th. They set an “outperform” rating on the stock. Finally, Rosenblatt Securities increased their price target on shares of Arista Networks from $106.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 6th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $138.07.

Check Out Our Latest Report on Arista Networks

Insider Activity

In other news, CEO Jayshree Ullal sold 1,785,165 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $136.22, for a total transaction of $243,175,176.30. Following the completion of the transaction, the chief executive officer owned 5,698,074 shares of the company’s stock, valued at approximately $776,191,640.28. This trade represents a 23.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 5,767,742 shares of company stock worth $714,048,068 over the last ninety days. 3.39% of the stock is currently owned by company insiders.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $137.99 on Tuesday. The company has a market cap of $173.43 billion, a price-to-earnings ratio of 54.27, a PEG ratio of 3.23 and a beta of 1.37. The firm has a 50 day simple moving average of $110.80 and a 200 day simple moving average of $96.15. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $141.99.

Arista Networks (NYSE:ANET – Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.08. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.11 billion. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. The company’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 earnings per share. As a group, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has initiated a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Arista Networks Profile

(Free Report)

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.

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