Arista Networks, Inc. (NYSE:ANET) is Mark Asset Management LP’s 7th Largest Position

Mark Asset Management LP grew its holdings in Arista Networks, Inc. (NYSE:ANET) by 50.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 88,489 shares of the technology company’s stock after buying an additional 29,850 shares during the quarter. Arista Networks makes up 3.1% of Mark Asset Management LP’s holdings, making the stock its 7th biggest holding. Mark Asset Management LP’s holdings in Arista Networks were worth $31,014,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. MBB Public Markets I LLC purchased a new position in Arista Networks in the second quarter valued at $6,664,000. Disciplined Equity Management Inc. lifted its position in Arista Networks by 5.1% in the second quarter. Disciplined Equity Management Inc. now owns 2,880 shares of the technology company’s stock valued at $1,009,000 after acquiring an additional 140 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after purchasing an additional 884,703 shares during the last quarter. APG Asset Management US Inc. increased its holdings in shares of Arista Networks by 8.7% in the 2nd quarter. APG Asset Management US Inc. now owns 178,610 shares of the technology company’s stock valued at $63,710,000 after acquiring an additional 14,231 shares during the period. Finally, AQR Capital Management LLC increased its position in Arista Networks by 21.5% in the 2nd quarter. AQR Capital Management LLC now owns 545,041 shares of the technology company’s stock valued at $191,026,000 after acquiring an additional 96,423 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Down 0.5 %

NYSE ANET opened at $386.37 on Friday. The firm has a 50-day moving average price of $343.63 and a two-hundred day moving average price of $318.91. The company has a market capitalization of $121.07 billion, a P/E ratio of 53.81, a P/E/G ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $395.82.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.41 EPS. Equities analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Activity

In related news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now owns 1,595,800 shares in the company, valued at $569,700,600. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction 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 transaction, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total value of $8,925,000.00. Following the sale, the chief executive officer now directly owns 1,595,800 shares in the company, valued at $569,700,600. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 82,361 shares of company stock worth $29,349,123. Company insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

ANET has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. UBS Group lifted their target price on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Piper Sandler increased their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Finally, Evercore ISI restated an “outperform” rating and issued a $400.00 price target on shares of Arista Networks in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $363.25.

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.