Corebridge Financial Inc. Acquires 211,777 Shares of Arista Networks, Inc. (NYSE:ANET)

Corebridge Financial Inc. boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 299.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 282,450 shares of the technology company’s stock after purchasing an additional 211,777 shares during the quarter. Corebridge Financial Inc.’s holdings in Arista Networks were worth $31,219,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ANET. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Arista Networks in the third quarter worth $1,417,000. LPL Financial LLC boosted its holdings in Arista Networks by 2.0% in the 3rd quarter. LPL Financial LLC now owns 250,416 shares of the technology company’s stock valued at $96,114,000 after purchasing an additional 4,952 shares during the period. Eagle Asset Management Inc. increased its holdings in shares of Arista Networks by 21.1% during the 3rd quarter. Eagle Asset Management Inc. now owns 16,130 shares of the technology company’s stock worth $6,459,000 after purchasing an additional 2,807 shares during the period. Raymond James Trust N.A. raised its position in shares of Arista Networks by 2.9% during the third quarter. Raymond James Trust N.A. now owns 2,538 shares of the technology company’s stock valued at $974,000 after buying an additional 71 shares during the last quarter. Finally, Nicolet Advisory Services LLC lifted its stake in shares of Arista Networks by 10.0% in the third quarter. Nicolet Advisory Services LLC now owns 909 shares of the technology company’s stock valued at $355,000 after buying an additional 83 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Trading Up 0.3 %

Shares of ANET stock opened at $83.26 on Monday. Arista Networks, Inc. has a 1 year low of $60.08 and a 1 year high of $133.58. The firm’s 50 day moving average is $102.53 and its 200-day moving average is $101.89. The firm has a market capitalization of $104.99 billion, a price-to-earnings ratio of 37.50, a PEG ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. The firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

ANET has been the topic of several research reports. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and boosted their price target for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Citigroup lifted their price target on shares of Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Barclays restated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $114.00.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,537,266.72. The trade was a 86.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,488 shares of the 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock worth $49,112,111 over the last three months. 3.54% of the stock is currently owned by company insiders.

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.