Rakuten Investment Management Inc. Acquires New Holdings in Arista Networks, Inc. $ANET

Rakuten Investment Management Inc. acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 56,711 shares of the technology company’s stock, valued at approximately $8,263,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of ANET. Norges Bank bought a new position in Arista Networks in the second quarter valued at $1,228,177,000. Massachusetts Financial Services Co. MA increased its position in shares of Arista Networks by 2,829.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock valued at $833,630,000 after acquiring an additional 5,525,828 shares during the last quarter. Nordea Investment Management AB raised its holdings in Arista Networks by 193.3% during the second quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock worth $721,342,000 after acquiring an additional 4,656,021 shares in the last quarter. Holocene Advisors LP acquired a new position in Arista Networks during the second quarter valued at approximately $247,451,000. Finally, Robeco Institutional Asset Management B.V. grew its stake in Arista Networks by 123.0% in the second quarter. Robeco Institutional Asset Management B.V. now owns 3,068,064 shares of the technology company’s stock valued at $313,894,000 after purchasing an additional 1,692,467 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET stock opened at $127.26 on Thursday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The company has a market capitalization of $160.26 billion, a price-to-earnings ratio of 48.39, a PEG ratio of 2.15 and a beta of 1.41. The company has a 50-day simple moving average of $128.35 and a 200 day simple moving average of $133.43.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The business’s revenue was up 27.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.40 earnings per share. Sell-side analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Buying and Selling

In other news, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total value of $2,994,431.10. Following the transaction, the chief executive officer owned 9,917 shares in the company, valued at approximately $1,235,162.35. The trade was a 70.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total transaction of $1,070,320.00. Following the completion of the sale, the director directly owned 17,784 shares in the company, valued at approximately $2,379,321.36. This represents a 31.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 160,464 shares of company stock valued at $20,494,988 in the last ninety days. Insiders own 3.39% of the company’s stock.

Analyst Ratings Changes

ANET has been the topic of a number of analyst reports. Zacks Research cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Piper Sandler upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and increased their price target for the company from $145.00 to $159.00 in a research note on Monday, January 5th. BNP Paribas Exane upgraded shares of Arista Networks from a “hold” rating to an “outperform” rating in a research note on Thursday, September 25th. Finally, Morgan Stanley dropped their target price on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a report on Wednesday, December 17th. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $164.44.

Arista Networks Company Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.