Principal Financial Group Inc. lessened its position in Arista Networks, Inc. (NYSE:ANET – Free Report) by 19.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 323,786 shares of the technology company’s stock after selling 76,126 shares during the quarter. Principal Financial Group Inc. owned approximately 0.11% of Arista Networks worth $54,351,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. TFC Financial Management Inc. increased its position in shares of Arista Networks by 131.0% during the 1st quarter. TFC Financial Management Inc. now owns 194 shares of the technology company’s stock worth $33,000 after purchasing an additional 110 shares during the last quarter. McIlrath & Eck LLC increased its position in shares of Arista Networks by 139.6% during the 1st quarter. McIlrath & Eck LLC now owns 254 shares of the technology company’s stock worth $43,000 after purchasing an additional 148 shares during the last quarter. Close Asset Management Ltd acquired a new position in shares of Arista Networks during the 1st quarter worth approximately $43,000. Private Ocean LLC increased its position in shares of Arista Networks by 560.0% during the 1st quarter. Private Ocean LLC now owns 264 shares of the technology company’s stock worth $44,000 after purchasing an additional 224 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in shares of Arista Networks by 67.3% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 276 shares of the technology company’s stock worth $46,000 after acquiring an additional 111 shares during the period. Institutional investors and hedge funds own 67.80% of the company’s stock.
Arista Networks Stock Performance
ANET opened at $180.54 on Friday. The firm has a market cap of $55.89 billion, a P/E ratio of 33.37, a price-to-earnings-growth ratio of 1.76 and a beta of 1.23. Arista Networks, Inc. has a 52-week low of $98.20 and a 52-week high of $190.65. The business’s fifty day moving average is $166.90 and its 200-day moving average is $156.08.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on ANET. Piper Sandler lifted their target price on Arista Networks from $166.00 to $190.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 1st. JMP Securities reiterated a “market outperform” rating and set a $200.00 target price on shares of Arista Networks in a research note on Tuesday, August 1st. Credit Suisse Group lifted their target price on Arista Networks from $146.00 to $151.00 in a research note on Tuesday, May 2nd. Barclays lifted their target price on Arista Networks from $179.00 to $200.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 1st. Finally, The Goldman Sachs Group boosted their price target on Arista Networks from $193.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $193.50.
Read Our Latest Analysis on ANET
Insider Buying and Selling
In related news, insider John F. Mccool sold 996 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $161.34, for a total transaction of $160,694.64. Following the completion of the sale, the insider now directly owns 72 shares in the company, valued at approximately $11,616.48. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider John F. Mccool sold 996 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $161.34, for a total transaction of $160,694.64. Following the completion of the sale, the insider now directly owns 72 shares in the company, valued at approximately $11,616.48. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider John F. Mccool sold 1,000 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $165.80, for a total value of $165,800.00. Following the sale, the insider now owns 72 shares of the company’s stock, valued at $11,937.60. The disclosure for this sale can be found here. Insiders sold a total of 197,156 shares of company stock worth $32,964,968 in the last ninety days. 18.99% of the stock is owned by insiders.
Arista Networks Profile
Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.
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