Assenagon Asset Management S.A. Sells 219,312 Shares of Arista Networks, Inc. (NYSE:ANET)

Assenagon Asset Management S.A. lessened its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 60.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 142,118 shares of the technology company’s stock after selling 219,312 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Arista Networks were worth $54,548,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ANET. GQG Partners LLC purchased a new stake in Arista Networks in the 1st quarter worth approximately $881,848,000. Swedbank AB purchased a new stake in shares of Arista Networks in the first quarter worth $521,767,000. Ameriprise Financial Inc. boosted its stake in Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after buying an additional 884,703 shares during the period. International Assets Investment Management LLC grew its position in Arista Networks by 39,841.1% during the third quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock worth $3,358,850,000 after buying an additional 872,919 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its stake in Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after acquiring an additional 503,597 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,624,679.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,570 shares of company stock worth $21,474,782. 3.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ANET. Piper Sandler boosted their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Evercore ISI increased their price target on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. The Goldman Sachs Group lifted their price objective on shares of Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. UBS Group increased their target price on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. 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 report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

Arista Networks Stock Up 0.4 %

Shares of NYSE ANET opened at $395.57 on Friday. The firm’s fifty day moving average is $370.52 and its 200 day moving average is $333.77. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $422.73. The company has a market cap of $123.96 billion, a price-to-earnings ratio of 55.09, a PEG ratio of 3.21 and a beta of 1.07.

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

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.