Elo Mutual Pension Insurance Co Acquires 222 Shares of Arista Networks, Inc. (NYSE:ANET)

Elo Mutual Pension Insurance Co raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 0.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 24,384 shares of the technology company’s stock after acquiring an additional 222 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Arista Networks were worth $8,546,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. FCG Investment Co grew its position in Arista Networks by 2.3% in the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after purchasing an additional 29 shares during the period. Old Port Advisors lifted its holdings in Arista Networks by 3.5% in the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock valued at $277,000 after acquiring an additional 32 shares during the period. Fortitude Family Office LLC boosted its position in Arista Networks by 33.3% in the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after purchasing an additional 33 shares during the last quarter. Resonant Capital Advisors LLC grew its stake in shares of Arista Networks by 4.1% during the 2nd quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock valued at $305,000 after purchasing an additional 34 shares during the period. Finally, Modera Wealth Management LLC increased its position in shares of Arista Networks by 2.1% during the 2nd quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock valued at $625,000 after purchasing an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Up 0.5 %

ANET opened at $360.97 on Wednesday. The company has a market capitalization of $113.11 billion, a price-to-earnings ratio of 50.27, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50. The business’s fifty day simple moving average is $340.74 and its 200-day simple moving average is $315.02.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the previous year, the business posted $1.41 EPS. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ANET shares. Needham & Company LLC reissued a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a report on Wednesday, July 31st. Jefferies Financial Group upped their price objective on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Piper Sandler lifted their target price on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. Rosenblatt Securities upped their price target on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Finally, UBS Group lifted their price objective on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the sale, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,202,550.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The disclosure for this sale can be found here. Insiders sold 106,989 shares of company stock valued at $37,891,416 over the last 90 days. Corporate insiders own 3.54% of the company’s stock.

About Arista Networks

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.