Resona Asset Management Co. Ltd. Purchases Shares of 317,968 Arista Networks, Inc. (NYSE:ANET)

Resona Asset Management Co. Ltd. acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 317,968 shares of the technology company’s stock, valued at approximately $35,254,000.

Other large investors have also recently made changes to their positions in the company. Caitlin John LLC increased its position in shares of Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after purchasing an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC increased its holdings in Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after buying an additional 191 shares during the last quarter. Cranbrook Wealth Management LLC raised its stake in Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares in the last quarter. Trust Co. of Vermont lifted its holdings in Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after buying an additional 198 shares during the last quarter. Finally, New Millennium Group LLC boosted its position in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 195 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $145.00 price objective on shares of Arista Networks in a research report on Wednesday, February 19th. Piper Sandler restated a “neutral” rating and issued a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Erste Group Bank lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Finally, UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and upped their price objective for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Insider Activity

In other news, SVP Marc Taxay sold 51,848 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,537,266.72. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock valued at $48,840,431 in the last three months. 3.54% of the stock is currently owned by company insiders.

Arista Networks Price Performance

NYSE:ANET opened at $64.28 on Friday. The firm has a market cap of $81.07 billion, a price-to-earnings ratio of 28.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58. The firm’s fifty day moving average price is $94.01 and its 200 day moving average price is $101.21.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. As a group, analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks 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.