DigitalBridge Group Inc. Has $24.09 Million Position in Arista Networks, Inc. (NYSE:ANET)

DigitalBridge Group Inc. trimmed its position in Arista Networks, Inc. (NYSE:ANET) by 8.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,729 shares of the technology company’s stock after selling 6,156 shares during the quarter. Arista Networks accounts for 2.1% of DigitalBridge Group Inc.’s portfolio, making the stock its 12th largest position. DigitalBridge Group Inc.’s holdings in Arista Networks were worth $24,088,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ANET. Vanguard Group Inc. increased its holdings in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares during the last quarter. Capital World Investors increased its stake in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after buying an additional 55,312 shares during the period. WCM Investment Management LLC grew its stake in Arista Networks by 0.8% during the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after purchasing an additional 25,196 shares during the period. GQG Partners LLC bought a new position in Arista Networks in the first quarter worth approximately $881,848,000. Finally, Swedbank AB bought a new position in Arista Networks in the first quarter worth approximately $521,767,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Arista Networks stock opened at $388.16 on Thursday. The stock has a fifty day moving average of $342.59 and a two-hundred day moving average of $318.42. The company has a market capitalization of $121.94 billion, a price-to-earnings ratio of 54.06, a PEG ratio of 3.04 and a beta of 1.07. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $390.00.

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

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on 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 completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,202,550.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction on 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 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 ninety days, insiders sold 82,361 shares of company stock valued at $29,349,123. 3.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on ANET. Morgan Stanley raised their target price on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. boosted their price target on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. UBS Group upped their target price on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Wells Fargo & Company upped their price objective on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, Jefferies Financial Group upped their price objective on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $363.25.

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.