Amundi Purchases 4,201,973 Shares of Arista Networks, Inc. (NYSE:ANET)

Amundi raised its stake in Arista Networks, Inc. (NYSE:ANET) by 196.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,342,064 shares of the technology company’s stock after purchasing an additional 4,201,973 shares during the quarter. Amundi’s holdings in Arista Networks were worth $732,493,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its stake in Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after acquiring an additional 411,109 shares in the last quarter. Swedbank AB grew its holdings in Arista Networks by 293.2% in the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after acquiring an additional 5,034,022 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Arista Networks by 320.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock worth $713,721,000 after acquiring an additional 4,919,882 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Arista Networks by 294.1% in the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock valued at $678,308,000 after acquiring an additional 4,579,622 shares during the period. Finally, WCM Investment Management LLC raised its stake in shares of Arista Networks by 292.8% during the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock valued at $674,627,000 after acquiring an additional 4,512,166 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and boosted their target price for the company from $112.00 to $115.00 in a research note on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $145.00 target price on shares of Arista Networks in a report on Wednesday, February 19th. Evercore ISI upped their price target on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Piper Sandler reissued a “neutral” rating and set a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company boosted their target price on shares of Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $114.00.

Arista Networks Stock Performance

NYSE:ANET opened at $83.31 on Friday. The company’s 50-day simple moving average is $108.92 and its 200-day simple moving average is $101.99. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The stock has a market capitalization of $105.07 billion, a P/E ratio of 37.53, a P/E/G ratio of 3.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. On average, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Activity at Arista Networks

In other Arista Networks news, insider John F. Mccool sold 288 shares of Arista Networks stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 411,289 shares of company stock valued at $42,355,417. 3.54% of the stock is currently owned by insiders.

Arista Networks 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.