Congress Asset Management Co. increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 0.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 459,704 shares of the technology company’s stock after acquiring an additional 2,053 shares during the period. Arista Networks makes up approximately 1.2% of Congress Asset Management Co.’s holdings, making the stock its 8th largest holding. Congress Asset Management Co.’s holdings in Arista Networks were worth $176,444,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in ANET. UniSuper Management Pty Ltd boosted its holdings in shares of Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after buying an additional 6,133 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in Arista Networks in the first quarter valued at $1,405,000. M&G Plc bought a new position in shares of Arista Networks during the 1st quarter worth about $3,238,000. Nordea Investment Management AB grew its stake in shares of Arista Networks by 32.5% in the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after buying an additional 6,578 shares during the period. Finally, Deepwater Asset Management LLC bought a new stake in shares of Arista Networks during the second quarter valued at approximately $15,084,000. 82.47% of the stock is currently owned by institutional investors.
Arista Networks Trading Down 2.8 %
Shares of Arista Networks stock traded down $10.93 during trading on Thursday, hitting $385.07. The stock had a trading volume of 759,700 shares, compared to its average volume of 2,196,386. Arista Networks, Inc. has a 12 month low of $187.68 and a 12 month high of $422.73. The firm has a market cap of $120.67 billion, a price-to-earnings ratio of 55.15, a P/E/G ratio of 3.21 and a beta of 1.07. The business’s 50-day moving average is $374.66 and its 200 day moving average is $337.48.
Wall Street Analyst Weigh In
ANET has been the subject of several research reports. Needham & Company LLC reissued a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. Wells Fargo & Company lifted their price objective on shares of Arista Networks from $390.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday. The Goldman Sachs Group upped their target price on shares of Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Citigroup lifted their price target on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, JPMorgan Chase & Co. increased 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $373.88.
Get Our Latest Stock Report on ANET
Insider Buying and Selling at Arista Networks
In related news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $5,624,679.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,624,679.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 373 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total transaction of $147,887.04. Following the completion of the transaction, the director now owns 2,192 shares of the company’s stock, valued at approximately $869,084.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,354 shares of company stock worth $20,364,014 over the last ninety days. Insiders own 3.54% of the company’s stock.
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.
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