DnB Asset Management AS Grows Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

DnB Asset Management AS boosted its holdings in Arista Networks, Inc. (NYSE:ANETGet Rating) by 7.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,396 shares of the technology company’s stock after buying an additional 2,809 shares during the period. DnB Asset Management AS’s holdings in Arista Networks were worth $3,599,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Asset Dedication LLC purchased a new position in Arista Networks in the 1st quarter valued at approximately $25,000. Riverview Trust Co purchased a new position in Arista Networks in the 1st quarter valued at approximately $26,000. Addison Advisors LLC purchased a new position in Arista Networks in the 1st quarter valued at approximately $28,000. Rise Advisors LLC purchased a new position in Arista Networks in the 4th quarter valued at approximately $31,000. Finally, J.W. Cole Advisors Inc. purchased a new position in shares of Arista Networks during the 1st quarter valued at $32,000. 63.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Jayshree Ullal sold 165,832 shares of the company’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $124.51, for a total transaction of $20,647,742.32. Following the completion of the transaction, the chief executive officer now directly owns 6,311 shares of the company’s stock, valued at $785,782.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Jayshree Ullal sold 165,832 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $124.51, for a total transaction of $20,647,742.32. Following the transaction, the chief executive officer now owns 6,311 shares in the company, valued at $785,782.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Marc Taxay sold 1,040 shares of the business’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $93.14, for a total transaction of $96,865.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 268,229 shares of company stock valued at $32,746,091. Insiders own 19.59% of the company’s stock.

Arista Networks Stock Down 0.7 %

Arista Networks stock opened at $114.94 on Tuesday. The company has a market capitalization of $34.97 billion, a PE ratio of 35.69, a P/E/G ratio of 1.76 and a beta of 1.33. The firm has a fifty day simple moving average of $117.54 and a two-hundred day simple moving average of $114.67. Arista Networks, Inc. has a twelve month low of $85.18 and a twelve month high of $148.57.

Arista Networks (NYSE:ANETGet Rating) last issued its quarterly earnings data on Monday, August 1st. The technology company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.78 by $0.20. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $979.66 million. Arista Networks had a net margin of 29.55% and a return on equity of 24.03%. The company’s quarterly revenue was up 48.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.56 earnings per share. As a group, equities analysts expect that Arista Networks, Inc. will post 3.53 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Morgan Stanley boosted their price target on shares of Arista Networks from $114.00 to $125.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 2nd. Bank of America lowered shares of Arista Networks from a “buy” rating to an “underperform” rating and reduced their price target for the company from $140.00 to $105.00 in a research report on Wednesday, July 20th. Evercore ISI boosted their price target on shares of Arista Networks from $135.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, August 2nd. Rosenblatt Securities upped their target price on shares of Arista Networks from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, August 2nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Arista Networks from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $156.40.

About Arista Networks

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Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

See Also

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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