Kestra Investment Management LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 2,017 shares of the technology company’s stock, valued at approximately $707,000.
A number of other institutional investors have also added to or reduced their stakes in ANET. UniSuper Management Pty Ltd lifted its holdings in shares of Arista Networks by 20.3% during the first quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after purchasing an additional 6,133 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in Arista Networks in the first quarter worth $1,405,000. M&G Plc purchased a new stake in shares of Arista Networks in the first quarter worth $3,238,000. Nordea Investment Management AB increased its holdings in shares of Arista Networks by 32.5% during the first quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after acquiring an additional 6,578 shares in the last quarter. Finally, Cim LLC purchased a new position in shares of Arista Networks in the 4th quarter worth about $2,589,000. Institutional investors own 82.47% of the company’s stock.
Arista Networks Stock Up 0.9 %
Shares of NYSE:ANET opened at $383.82 on Tuesday. The stock has a market capitalization of $120.27 billion, a PE ratio of 53.46, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07. The firm’s 50 day moving average price is $346.52 and its 200-day moving average price is $321.38. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $395.82.
Insider Activity at Arista Networks
In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,157 shares of company stock worth $19,291,193. Corporate insiders own 3.54% of the company’s stock.
Analyst Ratings Changes
Several analysts recently commented on the stock. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Wells Fargo & Company raised their price target on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Morgan Stanley upped their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Needham & Company LLC reissued a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a report on Wednesday, July 31st. Finally, The Goldman Sachs Group boosted their price target on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $363.25.
Check Out Our Latest Stock Report on ANET
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.
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