Acadian Asset Management LLC Has $96 Million Stake in Arista Networks, Inc. (NYSE:ANET)

Acadian Asset Management LLC increased its stake in Arista Networks, Inc. (NYSE:ANET) by 31.0% during the second quarter, Holdings Channel.com reports. The fund owned 273,961 shares of the technology company’s stock after buying an additional 64,785 shares during the period. Acadian Asset Management LLC’s holdings in Arista Networks were worth $95,998,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Capital World Investors increased its holdings in Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after purchasing an additional 55,312 shares in the last quarter. WCM Investment Management LLC lifted its stake in Arista Networks by 0.8% in the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after buying an additional 25,196 shares during the period. GQG Partners LLC bought a new position in shares of Arista Networks during the 1st quarter worth approximately $881,848,000. Finally, Norges Bank acquired a new stake in shares of Arista Networks during the 4th quarter worth approximately $586,051,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ANET. Piper Sandler increased their target price on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Evercore ISI increased their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Jefferies Financial Group raised their price objective on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Stock Performance

Arista Networks stock opened at $314.31 on Friday. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $376.50. The firm’s 50-day simple moving average is $343.09 and its 200 day simple moving average is $311.03. The stock has a market cap of $98.49 billion, a PE ratio of 43.78, a price-to-earnings-growth ratio of 2.78 and a beta of 1.07.

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

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $325.88, for a total value of $6,517,600.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,057,154.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $352.93, for a total transaction of $705,860.00. Following the completion of the transaction, the director now owns 52,946 shares in the company, valued at approximately $18,686,231.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $325.88, for a total value of $6,517,600.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at $1,057,154.72. The disclosure for this sale can be found here. Insiders sold a total of 126,300 shares of company stock valued at $44,194,544 in the last ninety days. 3.54% of the stock is currently owned by insiders.

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.