Arista Networks, Inc. (NYSE:ANET) Stock Position Lifted by DnB Asset Management AS

DnB Asset Management AS lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 325.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 194,029 shares of the technology company’s stock after acquiring an additional 148,377 shares during the quarter. DnB Asset Management AS’s holdings in Arista Networks were worth $21,446,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Anchor Investment Management LLC lifted its position in shares of Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after buying an additional 35 shares during the last quarter. Freedom Investment Management Inc. grew its holdings in shares of Arista Networks by 2.3% during the third quarter. Freedom Investment Management Inc. now owns 1,621 shares of the technology company’s stock valued at $622,000 after purchasing an additional 36 shares during the last quarter. LRI Investments LLC raised its position in shares of Arista Networks by 3.1% during the 3rd quarter. LRI Investments LLC now owns 1,368 shares of the technology company’s stock worth $528,000 after purchasing an additional 41 shares during the period. Rehmann Capital Advisory Group lifted its holdings in shares of Arista Networks by 3.8% in the 3rd quarter. Rehmann Capital Advisory Group now owns 1,177 shares of the technology company’s stock worth $453,000 after purchasing an additional 43 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its position in Arista Networks by 1.3% during the 3rd quarter. D.A. Davidson & CO. now owns 5,158 shares of the technology company’s stock valued at $1,980,000 after purchasing an additional 64 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,101,013.60. This trade represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the sale, the director now owns 8,128 shares in the company, valued at $870,752.64. This represents a 15.47 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 491,001 shares of company stock worth $49,112,111. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Down 1.3 %

NYSE:ANET opened at $77.91 on Friday. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58. The firm has a market cap of $98.25 billion, a P/E ratio of 35.09, a PEG ratio of 3.10 and a beta of 1.08. The business’s 50-day moving average price is $99.16 and its 200 day moving average price is $101.66.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a research note on Wednesday, February 19th. Evercore ISI lifted their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Piper Sandler restated a “neutral” rating and issued a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Finally, StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Profile

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.