Sumitomo Mitsui Trust Holdings Inc. Sells 3,645 Shares of Arista Networks, Inc. (NYSE:ANET)

Sumitomo Mitsui Trust Holdings Inc. cut its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 0.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 628,729 shares of the technology company’s stock after selling 3,645 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.20% of Arista Networks worth $148,072,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Morgan Stanley grew its stake in shares of Arista Networks by 162.2% in the fourth quarter. Morgan Stanley now owns 5,549,335 shares of the technology company’s stock valued at $673,412,000 after buying an additional 3,432,952 shares in the last quarter. Norges Bank bought a new position in shares of Arista Networks in the 4th quarter valued at about $308,885,000. FMR LLC increased its stake in shares of Arista Networks by 32.2% during the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after purchasing an additional 2,515,864 shares during the last quarter. Schroder Investment Management Group raised its holdings in shares of Arista Networks by 439.3% in the 3rd quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock valued at $231,624,000 after purchasing an additional 1,025,815 shares during the period. Finally, 1832 Asset Management L.P. lifted its stake in Arista Networks by 1,424.3% in the 4th quarter. 1832 Asset Management L.P. now owns 875,198 shares of the technology company’s stock valued at $106,205,000 after purchasing an additional 817,781 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Rosenblatt Securities reissued a “sell” rating and set a $210.00 target price on shares of Arista Networks in a report on Friday. The Goldman Sachs Group increased their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Barclays lifted their target price on shares of Arista Networks from $272.00 to $311.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. Piper Sandler raised their price objective on shares of Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 13th. Finally, Wells Fargo & Company upped their target price on Arista Networks from $225.00 to $310.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $275.59.

Arista Networks Trading Down 3.0 %

Shares of NYSE ANET opened at $263.20 on Tuesday. The company has a market cap of $82.28 billion, a price-to-earnings ratio of 40.06, a PEG ratio of 2.34 and a beta of 1.09. The stock has a 50-day moving average price of $281.58 and a two-hundred day moving average price of $243.39. Arista Networks, Inc. has a 12 month low of $131.68 and a 12 month high of $307.74.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the prior year, the company earned $1.25 EPS. Arista Networks’s revenue was up 20.8% compared to the same quarter last year. On average, sell-side analysts predict that Arista Networks, Inc. will post 6.63 earnings per share for the current year.

Insider Activity

In related news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $286.52, for a total value of $573,040.00. Following the sale, the director now directly owns 60,946 shares in the company, valued at $17,462,247.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Yvonne Wassenaar sold 186 shares of the firm’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $261.41, for a total transaction of $48,622.26. Following the transaction, the director now directly owns 2,678 shares of the company’s stock, valued at $700,055.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $286.52, for a total transaction of $573,040.00. Following the completion of the sale, the director now owns 60,946 shares of the company’s stock, valued at approximately $17,462,247.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 361,036 shares of company stock valued at $102,813,921. Company insiders own 18.99% of the company’s stock.

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.