Meiji Yasuda Life Insurance Co Trims Stake in Arista Networks, Inc. $ANET

Meiji Yasuda Life Insurance Co cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 18.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,401 shares of the technology company’s stock after selling 4,923 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Arista Networks were worth $3,264,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ANET. Walkner Condon Financial Advisors LLC increased its position in Arista Networks by 0.4% in the third quarter. Walkner Condon Financial Advisors LLC now owns 18,509 shares of the technology company’s stock worth $2,697,000 after buying an additional 70 shares in the last quarter. AdvisorNet Financial Inc lifted its position in shares of Arista Networks by 56.7% during the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after buying an additional 72 shares in the last quarter. Crown Wealth Group LLC grew its stake in shares of Arista Networks by 2.4% during the 3rd quarter. Crown Wealth Group LLC now owns 3,175 shares of the technology company’s stock valued at $463,000 after acquiring an additional 75 shares during the period. Fragasso Financial Advisors Inc grew its stake in shares of Arista Networks by 1.8% during the 3rd quarter. Fragasso Financial Advisors Inc now owns 4,237 shares of the technology company’s stock valued at $616,000 after acquiring an additional 76 shares during the period. Finally, West Family Investments Inc. increased its holdings in Arista Networks by 0.9% in the 3rd quarter. West Family Investments Inc. now owns 8,364 shares of the technology company’s stock worth $1,219,000 after acquiring an additional 76 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other news, Director Yvonne Wassenaar sold 1,815 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total transaction of $240,378.60. Following the completion of the transaction, the director owned 12,574 shares in the company, valued at $1,665,300.56. This trade represents a 12.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kenneth Duda sold 32,000 shares of Arista Networks stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $142.44, for a total value of $4,558,080.00. Following the completion of the sale, the insider directly owned 12,976 shares in the company, valued at $1,848,301.44. This trade represents a 71.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 196,237 shares of company stock valued at $25,865,760 in the last 90 days. Insiders own 3.39% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the topic of a number of recent analyst reports. The Goldman Sachs Group restated a “buy” rating and set a $188.00 target price (up from $165.00) on shares of Arista Networks in a research note on Friday, February 13th. Evercore reissued an “outperform” rating and issued a $200.00 price objective on shares of Arista Networks in a research note on Friday, February 13th. Rosenblatt Securities raised their price objective on shares of Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a research report on Tuesday, February 10th. Erste Group Bank cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $175.00 target price (up from $159.00) on shares of Arista Networks in a report on Friday, February 13th. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $176.88.

Arista Networks Stock Performance

ANET stock opened at $133.15 on Friday. The company’s fifty day moving average price is $134.45 and its 200-day moving average price is $137.19. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $164.94. The company has a market capitalization of $167.31 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 2.36 and a beta of 1.46.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.07. The company 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%. Arista Networks’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period last year, the company posted $0.66 earnings per share. On average, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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.