Dai Ichi Life Insurance Company Ltd Makes New $238,000 Investment in Arista Networks, Inc. (NYSE:ANET)

Dai Ichi Life Insurance Company Ltd purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 658 shares of the technology company’s stock, valued at approximately $238,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Alliancebernstein L.P. raised its holdings in Arista Networks by 16.8% in the 2nd quarter. Alliancebernstein L.P. now owns 1,484,812 shares of the technology company’s stock valued at $537,962,000 after buying an additional 213,915 shares during the period. Eaton Vance Management raised its holdings in Arista Networks by 1.1% in the 1st quarter. Eaton Vance Management now owns 983,934 shares of the technology company’s stock valued at $297,040,000 after buying an additional 10,638 shares during the period. Geode Capital Management LLC raised its holdings in Arista Networks by 2.5% in the 2nd quarter. Geode Capital Management LLC now owns 972,067 shares of the technology company’s stock valued at $351,378,000 after buying an additional 23,582 shares during the period. American Century Companies Inc. raised its holdings in Arista Networks by 24.9% in the 2nd quarter. American Century Companies Inc. now owns 512,708 shares of the technology company’s stock valued at $185,759,000 after buying an additional 102,266 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Arista Networks by 436.1% in the 1st quarter. JPMorgan Chase & Co. now owns 468,805 shares of the technology company’s stock valued at $141,528,000 after buying an additional 381,356 shares during the period. Institutional investors and hedge funds own 61.51% of the company’s stock.

In other news, SVP Marc Taxay sold 498 shares of the stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $381.00, for a total value of $189,738.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 10,000 shares of the stock in a transaction that occurred on Monday, October 11th. The shares were sold at an average price of $376.61, for a total value of $3,766,100.00. The disclosure for this sale can be found here. Insiders sold 217,414 shares of company stock valued at $80,215,418 over the last ninety days. 22.01% of the stock is currently owned by corporate insiders.

Shares of ANET opened at $383.89 on Thursday. The stock has a 50 day moving average price of $363.11 and a 200 day moving average price of $350.17. The company has a market capitalization of $29.45 billion, a price-to-earnings ratio of 41.86, a price-to-earnings-growth ratio of 3.02 and a beta of 1.15. Arista Networks, Inc. has a 52-week low of $200.35 and a 52-week high of $384.27.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Sunday, August 1st. The technology company reported $2.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.54 by $0.18. The firm had revenue of $707.30 million during the quarter, compared to the consensus estimate of $688.89 million. Arista Networks had a return on equity of 20.92% and a net margin of 27.72%. The firm’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.11 earnings per share. On average, equities research analysts predict that Arista Networks, Inc. will post 9.04 EPS for the current fiscal year.

ANET has been the topic of several research analyst reports. Cowen boosted their price objective on shares of Arista Networks from $385.00 to $433.00 and gave the company an “outperform” rating in a report on Tuesday, August 3rd. UBS Group boosted their price target on shares of Arista Networks from $370.00 to $420.00 and gave the stock a “buy” rating in a research note on Tuesday, August 3rd. KeyCorp boosted their price target on shares of Arista Networks from $424.00 to $430.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 3rd. Wells Fargo & Company boosted their price target on shares of Arista Networks from $340.00 to $375.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 3rd. Finally, MKM Partners boosted their price target on shares of Arista Networks from $363.00 to $422.00 and gave the stock a “buy” rating in a research note on Tuesday, August 3rd. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $381.33.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of cloud networking solutions. Its cloud networking solutions consist of Extensible Operating System(EOS) a set of network applications and Ethernet switching, and routing platforms. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in October 2004 and is headquartered in Santa Clara, CA.

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

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