Principal Financial Group Inc. Has $1.36 Million Stake in Arista Networks, Inc. (ANET)
Principal Financial Group Inc. cut its stake in Arista Networks, Inc. (NYSE:ANET) by 20.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,163 shares of the technology company’s stock after selling 1,866 shares during the quarter. Principal Financial Group Inc.’s holdings in Arista Networks were worth $1,358,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in ANET. PNC Financial Services Group Inc. grew its stake in Arista Networks by 20.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after buying an additional 126 shares during the last quarter. D.A. Davidson & CO. grew its stake in Arista Networks by 3.2% during the 2nd quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock worth $147,000 after buying an additional 30 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in Arista Networks during the 2nd quarter worth $202,000. MML Investors Services LLC purchased a new position in Arista Networks during the 2nd quarter worth $223,000. Finally, Empirical Finance LLC purchased a new position in Arista Networks during the 3rd quarter worth $231,000. Institutional investors and hedge funds own 58.22% of the company’s stock.
In related news, insider Ita M. Brennan sold 3,500 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $229.97, for a total value of $804,895.00. Following the completion of the transaction, the insider now owns 17,677 shares of the company’s stock, valued at approximately $4,065,179.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 7,775 shares of the company’s stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $194.12, for a total value of $1,509,283.00. The disclosure for this sale can be found here. Insiders sold a total of 486,325 shares of company stock valued at $110,320,931 in the last ninety days. 28.09% of the stock is currently owned by insiders.
Several research analysts recently weighed in on the company. UBS boosted their target price on Arista Networks from $165.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 3rd. BidaskClub upgraded Arista Networks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 31st. Needham & Company LLC restated a “buy” rating and set a $175.00 target price on shares of Arista Networks in a research note on Tuesday, September 12th. DA Davidson upgraded Arista Networks from a “neutral” rating to a “buy” rating and set a $224.00 price target on the stock in a research note on Friday, November 3rd. Finally, Wells Fargo & Company started coverage on Arista Networks in a research note on Tuesday, November 14th. They set a “market perform” rating and a $235.00 price target on the stock. Fifteen analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $192.55.
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Arista Networks Profile
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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