Sumitomo Mitsui DS Asset Management Company Ltd Has $24.34 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Arista Networks, Inc. (NYSE:ANET) by 312.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 220,184 shares of the technology company’s stock after purchasing an additional 166,826 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Arista Networks were worth $24,337,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Zions Bancorporation N.A. increased its stake in Arista Networks by 6.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock valued at $160,000 after buying an additional 27 shares during the last quarter. Intellectus Partners LLC increased its position in shares of Arista Networks by 1.4% in the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock valued at $740,000 after acquiring an additional 27 shares during the last quarter. First Affirmative Financial Network increased its position in shares of Arista Networks by 4.3% in the third quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock valued at $262,000 after acquiring an additional 28 shares during the last quarter. Altman Advisors Inc. raised its holdings in Arista Networks by 0.5% during the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after acquiring an additional 28 shares in the last quarter. Finally, HM Payson & Co. boosted its position in Arista Networks by 28.2% during the third quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after purchasing an additional 29 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In related news, insider John F. Mccool sold 6,340 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $98.58, for a total value of $625,013.05. Following the transaction, the insider now owns 288 shares in the company, valued at approximately $28,391.76. This trade represents a 95.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company’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 sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,405,171.04. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 255,832 shares of company stock worth $28,538,497 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ANET shares. Barclays dropped their price objective on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Rosenblatt Securities lifted their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research report on Friday, November 8th. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Finally, Morgan Stanley lifted their price target on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Price Performance

ANET stock opened at $115.11 on Friday. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The stock has a market capitalization of $145.01 billion, a price-to-earnings ratio of 55.34, a PEG ratio of 3.10 and a beta of 1.09. The business’s fifty day moving average price is $112.58 and its two-hundred day moving average price is $99.48.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. Arista Networks’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the firm earned $0.41 earnings per share. Research analysts expect that Arista Networks, Inc. will post 1.97 EPS for the current year.

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.