DNB Asset Management AS Acquires 247,140 Shares of Arista Networks, Inc. (NYSE:ANET)

Posted by Defense World Staff on Sep 21st, 2023

DNB Asset Management AS grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 585.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 289,375 shares of the technology company’s stock after buying an additional 247,140 shares during the quarter. DNB Asset Management AS owned approximately 0.09% of Arista Networks worth $46,896,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ANET. First Republic Investment Management Inc. raised its holdings in Arista Networks by 2,389.3% during the fourth quarter. First Republic Investment Management Inc. now owns 12,400,805 shares of the technology company’s stock worth $1,504,838,000 after acquiring an additional 11,902,638 shares in the last quarter. Morgan Stanley raised its stake in shares of Arista Networks by 162.2% during the 4th quarter. Morgan Stanley now owns 5,549,335 shares of the technology company’s stock worth $673,412,000 after purchasing an additional 3,432,952 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Arista Networks by 56.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,236,411 shares of the technology company’s stock valued at $999,488,000 after buying an additional 2,980,979 shares during the last quarter. Norges Bank acquired a new stake in shares of Arista Networks in the 4th quarter valued at approximately $308,885,000. Finally, FMR LLC grew its stake in shares of Arista Networks by 48.3% in the first quarter. FMR LLC now owns 6,815,983 shares of the technology company’s stock valued at $1,144,131,000 after buying an additional 2,220,697 shares in the last quarter. 67.13% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

Arista Networks stock opened at $182.70 on Thursday. The stock’s fifty day moving average price is $180.72 and its two-hundred day moving average price is $164.76. The firm has a market cap of $56.56 billion, a PE ratio of 33.77, a price-to-earnings-growth ratio of 1.81 and a beta of 1.17. Arista Networks, Inc. has a one year low of $98.20 and a one year high of $198.70.

Arista Networks (NYSE:ANET – Get Free Report) last issued its quarterly earnings results on Monday, July 31st. The technology company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.29. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Arista Networks had a return on equity of 31.19% and a net margin of 32.48%. Arista Networks’s revenue was up 38.7% on a year-over-year basis. During the same quarter last year, the business earned $0.98 earnings per share. Sell-side analysts expect that Arista Networks, Inc. will post 5.49 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ANET. Barclays increased their price target on shares of Arista Networks from $179.00 to $200.00 and gave the company an “overweight” rating in a research note on Tuesday, August 1st. BNP Paribas began coverage on Arista Networks in a report on Thursday, July 20th. They set an “outperform” rating and a $210.00 price target for the company. Rosenblatt Securities upped their price objective on Arista Networks from $190.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, September 14th. Bank of America raised their price objective on Arista Networks from $190.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, September 13th. Finally, KeyCorp boosted their target price on Arista Networks from $206.00 to $217.00 and gave the stock an “overweight” rating in a report on Tuesday, August 1st. Three research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $199.40.

Check Out Our Latest Stock Analysis on Arista Networks

Insider Transactions at Arista Networks

In other Arista Networks news, COO Anshul Sadana sold 13,504 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $170.05, for a total transaction of $2,296,355.20. Following the completion of the transaction, the chief operating officer now directly owns 30,082 shares in the company, valued at $5,115,444.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, COO Anshul Sadana sold 13,504 shares of the firm’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $170.05, for a total value of $2,296,355.20. Following the sale, the chief operating officer now directly owns 30,082 shares of the company’s stock, valued at $5,115,444.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $177.62, for a total value of $3,552,400.00. Following the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $576,199.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 143,212 shares of company stock valued at $26,086,688. Company insiders own 18.99% of the company’s stock.

Arista Networks Profile

(Free Report)

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.