Jain Global LLC Purchases New Position in Arista Networks, Inc. $ANET

Jain Global LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET) in the third quarter, Holdings Channel reports. The institutional investor purchased 45,083 shares of the technology company’s stock, valued at approximately $6,569,000.

Several other hedge funds also recently made changes to their positions in the stock. Norges Bank purchased a new position in Arista Networks during the 2nd quarter valued at about $1,228,177,000. Massachusetts Financial Services Co. MA lifted its holdings 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 worth $833,630,000 after buying an additional 5,525,828 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Arista Networks by 82.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 9,587,115 shares of the technology company’s stock worth $1,396,939,000 after buying an additional 4,332,659 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Arista Networks in the second quarter valued at approximately $247,451,000. Finally, Schroder Investment Management Group grew its stake in Arista Networks by 14.8% during the second quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock valued at $1,073,654,000 after acquiring an additional 1,350,593 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ANET. Piper Sandler reaffirmed an “overweight” rating and set a $175.00 target price (up from $159.00) on shares of Arista Networks in a report on Friday, February 13th. Barclays reissued an “overweight” rating and issued a $184.00 price target (up from $183.00) on shares of Arista Networks in a report on Friday, February 13th. Evercore reaffirmed an “outperform” rating and issued a $200.00 price target on shares of Arista Networks in a report on Friday, February 13th. UBS Group set a $200.00 price objective on Arista Networks in a research report on Tuesday, February 24th. Finally, KeyCorp reissued an “overweight” rating and set a $178.00 price objective (up from $170.00) on shares of Arista Networks in a research note on Friday, February 13th. Eighteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $176.47.

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $140.43, for a total value of $1,123,440.00. Following the transaction, the director owned 9,784 shares in the company, valued at $1,373,967.12. This trade represents a 44.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kenneth Duda sold 32,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $142.44, for a total transaction of $4,558,080.00. Following the completion of the sale, the insider directly owned 12,976 shares of the company’s stock, valued at $1,848,301.44. This represents a 71.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 196,237 shares of company stock valued at $25,865,760. Insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

NYSE:ANET opened at $135.37 on Tuesday. The company has a market capitalization of $170.09 billion, a price-to-earnings ratio of 49.05, a PEG ratio of 2.37 and a beta of 1.46. The business has a 50 day moving average of $134.82 and a 200 day moving average of $137.34. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. The business had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The business’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period last year, the business earned $0.66 earnings per share. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

About Arista Networks

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.