Korea Investment CORP Raises Stake in Arista Networks, Inc. (NYSE:ANET)

Korea Investment CORP grew its holdings in Arista Networks, Inc. (NYSE:ANET) by 259.9% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,054,460 shares of the technology company’s stock after buying an additional 761,433 shares during the period. Korea Investment CORP owned 0.08% of Arista Networks worth $116,549,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. True Wealth Design LLC grew its position in Arista Networks by 2,133.3% in the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after buying an additional 128 shares during the last quarter. Anchor Investment Management LLC increased its stake in shares of Arista Networks by 35.0% during the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after acquiring an additional 35 shares during the period. Caitlin John LLC raised its holdings in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after purchasing an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC raised its stake in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after buying an additional 191 shares in the last quarter. Finally, New Millennium Group LLC lifted its holdings in Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after acquiring an additional 195 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Performance

NYSE:ANET opened at $81.70 on Thursday. The stock has a market cap of $103.04 billion, a price-to-earnings ratio of 36.80, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.58. The business’s 50-day simple moving average is $100.78 and its 200 day simple moving average is $101.84.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. On average, equities research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,537,266.72. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the sale, the director now directly owns 155,784 shares in the company, valued at approximately $17,450,923.68. This represents a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock worth $49,112,111 in the last ninety days. 3.54% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and set a $108.00 price objective (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Finally, Morgan Stanley raised their price target on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $114.00.

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.