Mirae Asset Global Investments Co. Ltd. Increases Position in Arista Networks, Inc. $ANET

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 65.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 285,122 shares of the technology company’s stock after purchasing an additional 112,311 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Arista Networks were worth $41,545,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bare Financial Services Inc raised its position in Arista Networks by 2,118.2% during the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after acquiring an additional 233 shares during the period. AdvisorNet Financial Inc lifted its stake in Arista Networks by 56.7% during the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after acquiring an additional 72 shares in the last quarter. Richardson Financial Services Inc. grew its position in Arista Networks by 141.3% in the 3rd quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock valued at $32,000 after acquiring an additional 130 shares in the last quarter. REAP Financial Group LLC grew its holdings in shares of Arista Networks by 108.0% in the second quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after purchasing an additional 175 shares in the last quarter. Finally, SJS Investment Consulting Inc. grew its holdings in Arista Networks by 979.2% during the 3rd quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock worth $38,000 after acquiring an additional 235 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

ANET has been the subject of several analyst reports. Zacks Research cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $140.00 price objective on shares of Arista Networks in a report on Monday, November 24th. Erste Group Bank downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Piper Sandler raised Arista Networks from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $164.44.

Arista Networks Stock Performance

Shares of ANET opened at $150.31 on Thursday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The stock has a fifty day moving average of $129.93 and a two-hundred day moving average of $134.76. The company has a market capitalization of $189.28 billion, a PE ratio of 57.15, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41.

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

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total value of $2,994,431.10. Following the completion of the sale, the chief executive officer owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. The trade was a 70.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction on Monday, November 17th. The stock was sold at an average price of $128.61, for a total transaction of $3,858,300.00. Following the completion of the transaction, the insider directly owned 12,976 shares of the company’s stock, valued at approximately $1,668,843.36. This represents a 69.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 216,464 shares of company stock valued at $27,687,068. Insiders own 3.54% of the company’s stock.

Arista Networks Company Profile

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.