Dai ichi Life Insurance Company Ltd Decreases Stake in Arista Networks, Inc. (NYSE:ANET)

Dai ichi Life Insurance Company Ltd lowered its holdings in Arista Networks, Inc. (NYSE:ANET) by 6.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,184 shares of the technology company’s stock after selling 790 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Arista Networks were worth $4,270,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. GQG Partners LLC acquired a new stake in shares of Arista Networks in the first quarter valued at approximately $881,848,000. Norges Bank acquired a new stake in Arista Networks in the 4th quarter worth about $586,051,000. Swedbank AB acquired a new stake in shares of Arista Networks during the 1st quarter worth $521,767,000. Vanguard Group Inc. raised its position in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after buying an additional 1,596,040 shares during the period. Finally, TD Asset Management Inc boosted its holdings in Arista Networks by 145.5% in the fourth quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock valued at $187,215,000 after acquiring an additional 471,099 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of ANET stock opened at $359.76 on Friday. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50. The firm has a market capitalization of $113.02 billion, a price-to-earnings ratio of 50.11, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The business has a 50 day simple moving average of $341.07 and a 200 day simple moving average of $313.64.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period last year, the company earned $1.41 earnings per share. On average, equities analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 624 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 1,689 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $321.28, for a total transaction of $542,641.92. Following the sale, the senior vice president now directly owns 182,600 shares of the company’s stock, valued at approximately $58,665,728. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The disclosure for this sale can be found here. Insiders have sold 106,989 shares of company stock worth $37,891,416 over the last quarter. 3.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Citigroup lifted their price objective on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Piper Sandler raised their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Wells Fargo & Company upped their price target on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. KeyCorp raised their target price on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Rosenblatt Securities boosted their price objective on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $358.63.

Arista Networks Company Profile

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.