Mirae Asset Global Investments Co. Ltd. Has $41.55 Million Stock Position in Arista Networks, Inc. $ANET

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 65.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 285,122 shares of the technology company’s stock after acquiring an additional 112,311 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Arista Networks were worth $41,545,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in ANET. Vanguard Group Inc. raised its holdings in Arista Networks by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after acquiring an additional 1,136,167 shares during the period. Cresset Asset Management LLC boosted its stake in Arista Networks by 1.0% during the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock valued at $2,698,362,000 after purchasing an additional 263,272 shares during the period. Geode Capital Management LLC grew its holdings in Arista Networks by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock valued at $2,606,694,000 after buying an additional 128,977 shares during the last quarter. Norges Bank acquired a new stake in shares of Arista Networks in the second quarter worth $1,228,177,000. Finally, Schroder Investment Management Group increased its holdings in shares of Arista Networks by 14.8% during the 2nd quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock worth $1,073,654,000 after purchasing an additional 1,350,593 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $128.61, for a total value of $3,858,300.00. Following the completion of the sale, the insider owned 12,976 shares of the company’s stock, valued at $1,668,843.36. This represents a 69.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated 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 sale, the director owned 17,784 shares of the company’s stock, valued at approximately $2,379,321.36. The trade was a 31.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 216,464 shares of company stock valued at $27,687,068. Company insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on ANET. Morgan Stanley decreased their target price on Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a report on Wednesday, December 17th. Barclays reaffirmed an “overweight” rating and set a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Erste Group Bank cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. UBS Group reaffirmed a “buy” rating and issued a $155.00 target price on shares of Arista Networks in a research report on Wednesday, December 3rd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Seventeen investment 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $164.44.

Arista Networks Stock Up 2.5%

ANET stock opened at $150.31 on Thursday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The business has a 50-day simple moving average of $129.93 and a 200 day simple moving average of $134.76. The company has a market cap of $189.28 billion, a PE ratio of 57.15, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same quarter last year, the business earned $2.40 EPS. The company’s revenue was up 27.5% compared to the same quarter last year. On average, analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal 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.