Sumitomo Life Insurance Co. Increases Holdings in Arista Networks, Inc. (NYSE:ANET)

Sumitomo Life Insurance Co. boosted its stake in Arista Networks, Inc. (NYSE:ANET) by 69.8% in the 3rd quarter, Holdings Channel reports. The firm owned 9,028 shares of the technology company’s stock after buying an additional 3,711 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Arista Networks were worth $3,465,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in shares of Arista Networks by 1.2% during the fourth quarter. Wellington Management Group LLP now owns 525,976 shares of the technology company’s stock worth $123,873,000 after purchasing an additional 6,402 shares in the last quarter. SageView Advisory Group LLC acquired a new stake in shares of Arista Networks during the fourth quarter valued at about $235,000. B. Riley Wealth Advisors Inc. grew its stake in shares of Arista Networks by 7.8% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 10,270 shares of the technology company’s stock valued at $2,419,000 after acquiring an additional 746 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in shares of Arista Networks during the fourth quarter worth about $1,193,000. Finally, NBC Securities Inc. lifted its stake in shares of Arista Networks by 21.5% in the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after acquiring an additional 38 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ANET has been the subject of a number of recent analyst reports. Piper Sandler raised their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Barclays raised their price target on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Bank of America increased their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, Citigroup boosted their target price on shares of Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $369.50.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the transaction, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the sale, the director now directly owns 2,726 shares of the company’s stock, valued at approximately $883,278.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $5,624,679.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 58,197 shares of company stock worth $21,326,894 in the last ninety days. 3.54% of the stock is owned by insiders.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $11.24 on Wednesday, reaching $403.55. 434,553 shares of the company were exchanged, compared to its average volume of 2,240,465. The firm has a market cap of $126.46 billion, a price-to-earnings ratio of 54.65, a P/E/G ratio of 3.21 and a beta of 1.07. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $422.73. The company’s 50-day moving average is $362.69 and its two-hundred day moving average is $329.52.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the company earned $1.41 earnings per share. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

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.