Conning Inc. boosted its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 371.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,789 shares of the technology company's stock after acquiring an additional 4,562 shares during the period. Conning Inc.'s holdings in Arista Networks were worth $640,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in ANET. Swedbank AB lifted its holdings in shares of Arista Networks by 293.2% in the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company's stock worth $746,165,000 after purchasing an additional 5,034,022 shares during the last quarter. Jennison Associates LLC lifted its stake in Arista Networks by 307.7% in the fourth quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company's stock valued at $512,056,000 after buying an additional 3,496,497 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Arista Networks by 306.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,433,425 shares of the technology company's stock worth $268,966,000 after acquiring an additional 1,835,421 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Arista Networks by 473.2% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,326,274 shares of the technology company's stock worth $146,593,000 after acquiring an additional 1,094,910 shares during the period. Finally, International Assets Investment Management LLC lifted its position in Arista Networks by 39,841.1% in the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company's stock valued at $3,358,850,000 after purchasing an additional 872,919 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.
Shares of ANET opened at $118.52 on Friday. The company's 50 day moving average price is $113.21 and its 200 day moving average price is $99.81. The company has a market capitalization of $149.31 billion, a PE ratio of 56.98, a PEG ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a 52 week low of $60.08 and a 52 week high of $133.57.
Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the firm earned $0.41 earnings per share. The company's revenue for the quarter was up 20.0% on a year-over-year basis. On average, equities analysts forecast that Arista Networks, Inc. will post 1.97 earnings per share for the current fiscal year.
Several research analysts have commented on the stock. Piper Sandler restated a "neutral" rating and issued a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. The Goldman Sachs Group lifted their target price on Arista Networks from $120.00 to $135.00 and gave the company a "buy" rating in a research note on Friday, January 17th. StockNews.com cut Arista Networks from a "buy" rating to a "hold" rating in a research note on Thursday, December 12th. UBS Group lifted their price objective on shares of Arista Networks from $92.25 to $106.25 and gave the company a "neutral" rating in a research note on Friday, November 8th. Finally, Morgan Stanley increased their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an "overweight" rating in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $105.83.
Get Our Latest Report on Arista Networks
In related news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,405,171.04. The trade was a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now owns 42,946 shares of the company's stock, valued at $17,721,666.90. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 255,832 shares of company stock valued at $28,538,497 over the last quarter. Insiders own 3.54% of the company's stock.
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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