Sumitomo Mitsui Trust Group Inc. Increases Stock Position in Arista Networks, Inc. $ANET

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 0.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,518,805 shares of the technology company’s stock after purchasing an additional 22,472 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Arista Networks were worth $367,015,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of ANET. First Horizon Corp purchased a new position in Arista Networks during the third quarter worth $226,000. Pinnacle Bancorp Inc. increased its position in Arista Networks by 590.7% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 594 shares of the technology company’s stock worth $87,000 after purchasing an additional 508 shares in the last quarter. MGO One Seven LLC raised its stake in Arista Networks by 3.9% in the 3rd quarter. MGO One Seven LLC now owns 46,568 shares of the technology company’s stock valued at $6,785,000 after purchasing an additional 1,768 shares during the last quarter. Tema Etfs LLC raised its stake in Arista Networks by 388.4% in the 3rd quarter. Tema Etfs LLC now owns 38,400 shares of the technology company’s stock valued at $5,595,000 after purchasing an additional 30,538 shares during the last quarter. Finally, Bristlecone Advisors LLC boosted its stake in shares of Arista Networks by 0.7% during the 3rd quarter. Bristlecone Advisors LLC now owns 16,435 shares of the technology company’s stock worth $2,395,000 after purchasing an additional 120 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Kenneth Duda sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total transaction of $3,694,800.00. Following the sale, the insider directly owned 12,976 shares in the company, valued at approximately $1,598,124.16. This trade represents a 69.81% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $133.79, for a total value of $1,070,320.00. Following the transaction, the director directly owned 17,784 shares in the company, valued at $2,379,321.36. This trade represents a 31.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 216,464 shares of company stock worth $28,488,988 over the last quarter. 3.39% of the stock is owned by corporate insiders.

Arista Networks Stock Down 0.5%

Shares of ANET stock opened at $123.05 on Monday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The firm’s 50 day moving average price is $130.43 and its two-hundred day moving average price is $132.16. The stock has a market cap of $154.95 billion, a price-to-earnings ratio of 46.79, a price-to-earnings-growth ratio of 2.07 and a beta of 1.41.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter last year, the firm posted $2.40 EPS. The business’s revenue for the quarter was up 27.5% compared to the same quarter last year. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ANET. Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. Barclays reissued an “overweight” rating and set a $183.00 price target (up previously from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Needham & Company LLC increased their price objective on shares of Arista Networks from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, September 16th. Finally, Zacks Research cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Eighteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.44.

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.