Arista Networks, Inc. $ANET Shares Sold by Korea Investment CORP

Korea Investment CORP lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 13.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 860,237 shares of the technology company’s stock after selling 135,854 shares during the period. Korea Investment CORP owned about 0.07% of Arista Networks worth $125,345,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Global Trust Asset Management LLC raised its holdings in shares of Arista Networks by 33.0% in the third quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock worth $2,808,000 after acquiring an additional 4,780 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Arista Networks during the third quarter valued at $8,263,000. National Wealth Management Group LLC acquired a new stake in shares of Arista Networks during the third quarter valued at $1,296,000. Vanguard Group Inc. increased its position in Arista Networks by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after purchasing an additional 1,136,167 shares in the last quarter. Finally, Holocene Advisors LP acquired a new position in Arista Networks in the 2nd quarter valued at about $247,451,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Kenneth Duda sold 32,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were 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. The trade was a 71.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $140.43, for a total value of $1,123,440.00. Following the sale, the director owned 9,784 shares of the company’s stock, valued at approximately $1,373,967.12. The trade was a 44.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 196,237 shares of company stock valued at $25,865,760 over the last quarter. Company insiders own 3.39% of the company’s stock.

Arista Networks Price Performance

ANET opened at $133.15 on Friday. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94. The business has a 50-day moving average of $134.45 and a two-hundred day moving average of $137.19. The stock has a market capitalization of $167.31 billion, a price-to-earnings ratio of 48.24, a price-to-earnings-growth ratio of 2.36 and a beta of 1.46.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.07. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the firm posted $0.66 EPS. The company’s revenue was up 28.9% on a year-over-year basis. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Analyst Ratings Changes

ANET has been the topic of a number of recent research reports. Erste Group Bank lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Wells Fargo & Company boosted their price objective on shares of Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, February 13th. Piper Sandler reissued an “overweight” rating and set a $175.00 price objective (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. UBS Group set a $200.00 target price on shares of Arista Networks in a research report on Tuesday, February 24th. Finally, Barclays reaffirmed an “overweight” rating and issued a $184.00 target price (up from $183.00) on shares of Arista Networks in a research note on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $176.88.

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.