Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stock Position in Arista Networks, Inc. $ANET

by · The Cerbat Gem

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Arista Networks, Inc. (NYSE:ANET – Free Report) by 13.2% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 271,468 shares of the technology company’s stock after acquiring an additional 31,759 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Arista Networks were worth $39,556,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Bare Financial Services Inc raised its position in shares of Arista Networks by 2,118.2% in the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after acquiring an additional 233 shares in the last quarter. AdvisorNet Financial Inc grew its stake in Arista Networks by 56.7% in the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares during the last quarter. REAP Financial Group LLC raised its holdings in Arista Networks by 108.0% in the second quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock worth $34,000 after purchasing an additional 175 shares in the last quarter. eCIO Inc. bought a new position in Arista Networks in the first quarter worth about $36,000. Finally, SJS Investment Consulting Inc. lifted its position in shares of Arista Networks by 979.2% during the third quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after buying an additional 235 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ANET. Evercore ISI lifted their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. William Blair reaffirmed an “outperform” rating on shares of Arista Networks in a report on Friday, September 12th. Wolfe Research increased their price objective on Arista Networks from $160.00 to $185.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Erste Group Bank cut Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Zacks Research lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Eighteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $164.44.

Check Out Our Latest Research Report on Arista Networks

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total value of $1,070,320.00. Following the sale, the director owned 17,784 shares in the company, valued at $2,379,321.36. This represents a 31.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kenneth Duda sold 30,000 shares of the firm’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total transaction of $3,694,800.00. Following the transaction, the insider directly owned 12,976 shares of the company’s stock, valued at approximately $1,598,124.16. This trade represents a 69.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 216,464 shares of company stock worth $28,488,988. 3.39% of the stock is owned by company insiders.

Arista Networks Price Performance

Shares of ANET stock opened at $123.05 on Friday. The business has a fifty day moving average of $130.43 and a 200 day moving average of $131.65. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94. The firm has a market capitalization of $154.95 billion, a price-to-earnings ratio of 46.79, a price-to-earnings-growth ratio of 2.08 and a beta of 1.41.

Arista Networks (NYSE:ANET – Get Free Report) last announced its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period in the prior year, the company earned $2.40 earnings per share. The company’s revenue was up 27.5% on a year-over-year basis. As a group, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

About Arista Networks

(Free Report)

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.

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