Sumitomo Mitsui Financial Group Inc. Has $43.86 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Sumitomo Mitsui Financial Group Inc. boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 289.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 396,831 shares of the technology company’s stock after acquiring an additional 295,047 shares during the quarter. Arista Networks makes up approximately 0.6% of Sumitomo Mitsui Financial Group Inc.’s holdings, making the stock its 21st biggest holding. Sumitomo Mitsui Financial Group Inc.’s holdings in Arista Networks were worth $43,862,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Morse Asset Management Inc bought a new stake in shares of Arista Networks during the third quarter worth $123,000. EP Wealth Advisors LLC acquired a new stake in shares of Arista Networks during the 3rd quarter valued at $6,100,000. iA Global Asset Management Inc. bought a new stake in Arista Networks during the 3rd quarter worth $2,961,000. National Bank of Canada FI increased its holdings in Arista Networks by 46.0% in the 3rd quarter. National Bank of Canada FI now owns 186,429 shares of the technology company’s stock worth $71,555,000 after purchasing an additional 58,718 shares in the last quarter. Finally, Orion Portfolio Solutions LLC raised its position in Arista Networks by 0.8% in the third quarter. Orion Portfolio Solutions LLC now owns 12,723 shares of the technology company’s stock valued at $4,883,000 after purchasing an additional 97 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ANET. Needham & Company LLC restated a “buy” rating and set a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. Barclays restated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Morgan Stanley boosted their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Stock Performance

Shares of ANET opened at $64.28 on Monday. The firm has a market cap of $81.07 billion, a PE ratio of 28.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a 52-week low of $57.80 and a 52-week high of $133.58. The business’s 50 day moving average price is $94.01 and its two-hundred day moving average price is $101.37.

Arista Networks (NYSE:ANET) last issued its earnings results 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. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total value of $896,160.00. Following the transaction, the director now directly owns 155,784 shares in the company, valued at $17,450,923.68. This trade represents a 4.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,500,155.36. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 411,001 shares of company stock worth $39,362,831 in the last three months. Company insiders own 3.54% of the company’s stock.

Arista Networks Company 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.