Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its stake in Arista Networks, Inc. (NYSE:ANET) by 22.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 41,840 shares of the technology company’s stock after purchasing an additional 7,594 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Arista Networks were worth $15,910,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. GQG Partners LLC purchased a new position in shares of Arista Networks in the 1st quarter valued at about $881,848,000. Legal & General Group Plc increased its stake in shares of Arista Networks by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after purchasing an additional 20,278 shares in the last quarter. Swedbank AB purchased a new position in shares of Arista Networks in the 1st quarter valued at about $521,767,000. Ameriprise Financial Inc. increased its stake in shares of Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after purchasing an additional 884,703 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in shares of Arista Networks by 18.7% in the 1st quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock valued at $273,652,000 after purchasing an additional 148,759 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Performance

ANET opened at $394.09 on Friday. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $422.73. The stock has a market capitalization of $123.49 billion, a PE ratio of 54.89, a P/E/G ratio of 3.21 and a beta of 1.07. The business’s 50 day moving average price is $372.10 and its 200 day moving average price is $335.14.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the prior year, the firm posted $1.41 earnings per share. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. As a group, equities research analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In related news, SVP Marc Taxay sold 628 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Arista Networks news, SVP Marc Taxay sold 628 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 373 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total value of $147,887.04. Following the transaction, the director now owns 2,192 shares in the company, valued at $869,084.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,570 shares of company stock worth $21,474,782. Insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Rosenblatt Securities boosted their price objective on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. KeyCorp boosted their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Morgan Stanley boosted their price objective on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Finally, Citigroup boosted their price objective on Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $369.50.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.