Sompo Asset Management Co. Ltd. Sells 130 Shares of Arista Networks, Inc. (NYSE:ANET)

Sompo Asset Management Co. Ltd. cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 7.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,660 shares of the technology company’s stock after selling 130 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Arista Networks were worth $582,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Capital World Investors grew its stake in Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after purchasing an additional 55,312 shares during the period. WCM Investment Management LLC increased its position in shares of Arista Networks by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after purchasing an additional 25,196 shares during the last quarter. GQG Partners LLC bought a new stake in shares of Arista Networks during the 1st quarter worth $881,848,000. Finally, Swedbank AB purchased a new position in shares of Arista Networks in the 1st quarter worth about $521,767,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In related news, SVP Marc Taxay sold 624 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the sale, the chief executive officer now owns 1,600,800 shares in the company, valued at approximately $555,477,600. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,361 shares of company stock worth $38,024,123. Company insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ANET shares. UBS Group raised their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Piper Sandler lifted their price target on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Evercore ISI reissued an “outperform” rating and issued a $400.00 target price on shares of Arista Networks in a research report on Friday, September 13th. Finally, KeyCorp upped their price target on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Trading Up 1.4 %

Shares of NYSE:ANET opened at $384.46 on Friday. The company has a 50 day moving average of $341.55 and a 200 day moving average of $316.71. The stock has a market cap of $120.48 billion, a P/E ratio of 53.55, a P/E/G ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $385.50.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.41 earnings per share. On average, equities analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.