Nordea Investment Management AB Decreases Stock Position in Arista Networks, Inc. $ANET

Nordea Investment Management AB cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 12.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 6,182,936 shares of the technology company’s stock after selling 882,118 shares during the period. Arista Networks makes up 0.8% of Nordea Investment Management AB’s investment portfolio, making the stock its 22nd largest position. Nordea Investment Management AB’s holdings in Arista Networks were worth $892,940,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. AdvisorNet Financial Inc boosted its position in shares of Arista Networks by 56.7% during the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after buying an additional 72 shares during the last quarter. Crown Wealth Group LLC raised its holdings in shares of Arista Networks by 2.4% during the third quarter. Crown Wealth Group LLC now owns 3,175 shares of the technology company’s stock valued at $463,000 after purchasing an additional 75 shares during the last quarter. Fragasso Financial Advisors Inc lifted its position in Arista Networks by 1.8% during the third quarter. Fragasso Financial Advisors Inc now owns 4,237 shares of the technology company’s stock valued at $616,000 after purchasing an additional 76 shares during the period. Stablepoint Partners LLC boosted its holdings in Arista Networks by 0.8% in the second quarter. Stablepoint Partners LLC now owns 9,406 shares of the technology company’s stock worth $962,000 after purchasing an additional 77 shares during the last quarter. Finally, ORG Partners LLC boosted its holdings in Arista Networks by 13.1% in the third quarter. ORG Partners LLC now owns 675 shares of the technology company’s stock worth $98,000 after purchasing an additional 78 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Jayshree Ullal sold 24,042 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the completion of the transaction, the chief executive officer owned 9,917 shares in the company, valued at approximately $1,235,162.35. This represents a 70.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kenneth Duda sold 30,000 shares of the firm’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total transaction of $3,694,800.00. Following the transaction, the insider directly owned 12,976 shares of the company’s stock, valued at $1,598,124.16. The trade was a 69.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 216,464 shares of company stock worth $28,488,988 in the last three months. 3.54% of the stock is owned by company insiders.

Arista Networks Stock Performance

ANET opened at $123.34 on Tuesday. The stock has a market cap of $155.32 billion, a price-to-earnings ratio of 46.90, a price-to-earnings-growth ratio of 2.07 and a beta of 1.41. The firm’s fifty day moving average is $129.74 and its 200 day moving average is $132.31. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The business’s quarterly revenue was up 27.5% on a year-over-year basis. During the same period last year, the firm earned $2.40 earnings per share. On average, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on ANET. BNP Paribas upgraded shares of Arista Networks from a “hold” rating to an “outperform” rating in a research note on Thursday, September 25th. BNP Paribas Exane upgraded Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective for the company in a research report on Thursday, September 25th. Rosenblatt Securities reissued a “neutral” rating and issued a $140.00 target price on shares of Arista Networks in a report on Monday, November 24th. Barclays reissued an “overweight” rating and issued a $183.00 target price (up from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Finally, Erste Group Bank lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Eighteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $164.44.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.