ING Groep NV Raises Holdings in Arista Networks, Inc. (NYSE:ANET)

ING Groep NV increased its position in Arista Networks, Inc. (NYSE:ANET) by 359.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 284,936 shares of the technology company’s stock after buying an additional 222,984 shares during the period. ING Groep NV’s holdings in Arista Networks were worth $31,494,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in ANET. Parcion Private Wealth LLC raised its position in Arista Networks by 300.0% in the fourth quarter. Parcion Private Wealth LLC now owns 5,144 shares of the technology company’s stock valued at $569,000 after purchasing an additional 3,858 shares during the period. Morningstar Investment Management LLC raised its position in Arista Networks by 300.0% in the fourth quarter. Morningstar Investment Management LLC now owns 2,152 shares of the technology company’s stock valued at $238,000 after purchasing an additional 1,614 shares during the period. Concurrent Investment Advisors LLC raised its position in Arista Networks by 456.6% in the fourth quarter. Concurrent Investment Advisors LLC now owns 15,512 shares of the technology company’s stock valued at $1,715,000 after purchasing an additional 12,725 shares during the period. Meitav Investment House Ltd. purchased a new position in Arista Networks in the fourth quarter valued at about $939,000. Finally, Handelsbanken Fonder AB raised its position in Arista Networks by 277.7% in the fourth quarter. Handelsbanken Fonder AB now owns 645,811 shares of the technology company’s stock valued at $71,381,000 after purchasing an additional 474,804 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ANET has been the topic of several research reports. Needham & Company LLC reissued a “buy” rating and issued a $145.00 price objective on shares of Arista Networks in a research report on Wednesday. Evercore ISI raised their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. The Goldman Sachs Group raised their target price on Arista Networks from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays raised their target price on Arista Networks from $125.00 to $126.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Piper Sandler restated a “neutral” rating and set a $108.00 target price (up from $106.00) on shares of Arista Networks in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $113.79.

Arista Networks Stock Performance

NYSE:ANET opened at $103.82 on Thursday. The company has a market capitalization of $130.79 billion, a price-to-earnings ratio of 49.91, a price-to-earnings-growth ratio of 2.87 and a beta of 1.09. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.57. The stock has a 50-day simple moving average of $114.08 and a 200 day simple moving average of $101.54.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. On average, equities research analysts forecast that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $115.61, for a total value of $9,248,800.00. Following the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,500,155.36. This trade represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction that occurred 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 sale, the director now directly owns 8,128 shares in the company, valued at approximately $870,752.64. This trade represents a 15.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 259,944 shares of company stock valued at $30,214,186 over the last quarter. 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.