Assenagon Asset Management S.A. Sells 154,420 Shares of Arista Networks, Inc. $ANET

Assenagon Asset Management S.A. lowered its holdings in Arista Networks, Inc. (NYSE:ANET) by 5.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,773,940 shares of the technology company’s stock after selling 154,420 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Arista Networks were worth $363,469,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Arista Networks by 1.0% in the third quarter. Vanguard Group Inc. now owns 100,000,830 shares of the technology company’s stock valued at $14,571,121,000 after acquiring an additional 1,007,730 shares during the period. State Street Corp increased its position in Arista Networks by 0.5% during the third quarter. State Street Corp now owns 46,342,551 shares of the technology company’s stock worth $6,752,573,000 after acquiring an additional 245,976 shares during the period. Cresset Asset Management LLC raised 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 last quarter. Norges Bank acquired a new position in Arista Networks during the 2nd quarter valued at $1,228,177,000. Finally, Schroder Investment Management Group boosted its holdings in Arista Networks by 14.8% in the 2nd quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock valued at $1,073,654,000 after purchasing an additional 1,350,593 shares during the period. 82.47% of the stock is owned by institutional investors.

Arista Networks Stock Up 3.6%

NYSE ANET opened at $135.98 on Tuesday. The stock has a market cap of $170.87 billion, a P/E ratio of 49.27, a PEG ratio of 2.32 and a beta of 1.46. The company’s 50-day simple moving average is $135.61 and its 200 day simple moving average is $137.24. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. The firm had revenue of $2.49 billion during 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 company’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.66 earnings per share. Research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Transactions at Arista Networks

In other Arista Networks news, 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 directly owned 9,784 shares in the company, valued at $1,373,967.12. This represents a 44.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kenneth Duda sold 32,000 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $134.14, for a total value of $4,292,480.00. Following the transaction, the insider owned 12,976 shares of the company’s stock, valued at $1,740,600.64. This represents a 71.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 199,632 shares of company stock valued at $26,936,324. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Barclays restated an “overweight” rating and set a $184.00 price objective (up from $183.00) on shares of Arista Networks in a report on Friday, February 13th. Morgan Stanley reiterated an “overweight” rating and issued a $165.00 target price on shares of Arista Networks in a research note on Friday, February 13th. Evercore reissued an “outperform” rating and set a $200.00 target price on shares of Arista Networks in a research report on Friday, February 13th. Rosenblatt Securities upped their price target on Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a report on Tuesday, February 10th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $175.00 price objective (up from $159.00) on shares of Arista Networks in a research report on Friday, February 13th. Eighteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $176.47.

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.