JPMorgan Chase & Co. grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 436.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 468,805 shares of the technology company’s stock after acquiring an additional 381,356 shares during the period. JPMorgan Chase & Co. owned about 0.61% of Arista Networks worth $141,528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of the company. Daiwa Securities Group Inc. lifted its stake in shares of Arista Networks by 2.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,747 shares of the technology company’s stock valued at $798,000 after buying an additional 62 shares in the last quarter. Lincoln National Corp lifted its stake in shares of Arista Networks by 1.0% during the 4th quarter. Lincoln National Corp now owns 3,097 shares of the technology company’s stock valued at $900,000 after buying an additional 32 shares in the last quarter. NEXT Financial Group Inc lifted its stake in shares of Arista Networks by 26.0% during the 4th quarter. NEXT Financial Group Inc now owns 1,337 shares of the technology company’s stock valued at $388,000 after buying an additional 276 shares in the last quarter. NorthCoast Asset Management LLC purchased a new position in shares of Arista Networks during the 4th quarter valued at $242,000. Finally, Aperio Group LLC lifted its stake in shares of Arista Networks by 12.9% during the 4th quarter. Aperio Group LLC now owns 27,647 shares of the technology company’s stock valued at $8,033,000 after buying an additional 3,156 shares in the last quarter. 61.79% of the stock is owned by hedge funds and other institutional investors.
In other Arista Networks news, CEO Jayshree Ullal sold 167 shares of the company’s stock in a transaction dated Friday, March 26th. The shares were sold at an average price of $304.01, for a total value of $50,769.67. Following the transaction, the chief executive officer now directly owns 16,127 shares in the company, valued at approximately $4,902,769.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kenneth Duda sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 10th. The stock was sold at an average price of $365.22, for a total transaction of $3,652,200.00. Following the completion of the transaction, the senior vice president now owns 12,216 shares in the company, valued at $4,461,527.52. The disclosure for this sale can be found here. Insiders sold a total of 94,412 shares of company stock worth $31,230,968 over the last 90 days. Insiders own 22.01% of the company’s stock.
Several analysts have commented on the stock. Rosenblatt Securities boosted their price target on shares of Arista Networks from $360.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, February 19th. KeyCorp boosted their price target on shares of Arista Networks from $365.00 to $370.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 5th. Credit Suisse Group boosted their price target on shares of Arista Networks from $359.00 to $362.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 5th. Piper Sandler boosted their price target on shares of Arista Networks from $300.00 to $330.00 and gave the stock a “neutral” rating in a research note on Friday, February 19th. Finally, Cowen boosted their price target on shares of Arista Networks from $272.00 to $365.00 and gave the stock an “outperform” rating in a research note on Friday, February 19th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $338.53.
Shares of NYSE:ANET opened at $361.74 on Wednesday. The company has a market cap of $27.59 billion, a P/E ratio of 42.41, a price-to-earnings-growth ratio of 3.29 and a beta of 1.17. Arista Networks, Inc. has a 12 month low of $192.96 and a 12 month high of $370.05. The firm’s 50-day moving average price is $329.00.
Arista Networks (NYSE:ANET) last issued its earnings results on Monday, May 3rd. The technology company reported $2.50 EPS for the quarter, topping the Zacks’ consensus estimate of $2.38 by $0.12. The business had revenue of $667.56 million for the quarter, compared to the consensus estimate of $642.57 million. Arista Networks had a net margin of 27.48% and a return on equity of 20.73%. The company’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.02 EPS. On average, analysts forecast that Arista Networks, Inc. will post 8.7 EPS for the current year.
Arista Networks Company Profile
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.
Featured Story: What is the return on assets (ROA) ratio?