Mitsubishi UFJ Trust & Banking Corp Raises Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 290.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,466,819 shares of the technology company’s stock after purchasing an additional 1,091,486 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Arista Networks were worth $162,128,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Florida Financial Advisors LLC purchased a new position in shares of Arista Networks in the 4th quarter worth about $363,000. Meiji Yasuda Asset Management Co Ltd. raised its position in Arista Networks by 293.6% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 53,733 shares of the technology company’s stock worth $5,939,000 after acquiring an additional 40,080 shares during the period. Potentia Wealth purchased a new position in Arista Networks in the fourth quarter valued at about $1,843,000. Signature Estate & Investment Advisors LLC bought a new position in shares of Arista Networks during the 4th quarter valued at approximately $1,572,000. Finally, Zions Bancorporation N.A. increased its stake in shares of Arista Networks by 300.0% during the 4th quarter. Zions Bancorporation N.A. now owns 1,668 shares of the technology company’s stock worth $184,000 after purchasing an additional 1,251 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the topic of several research analyst reports. Piper Sandler reiterated a “neutral” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Evercore ISI lifted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Price Performance

ANET opened at $87.58 on Tuesday. The firm has a market capitalization of $110.44 billion, a P/E ratio of 39.45, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.58. The company has a fifty day moving average price of $102.03 and a 200-day moving average price of $101.92.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. On average, analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Monday, January 6th. The shares were sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. The trade was a 86.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the transaction, the director now directly owns 8,128 shares in the company, valued at approximately $870,752.64. This represents a 15.47 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 491,001 shares of company stock worth $49,112,111. 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.