Nippon Life Insurance Co. Buys Shares of 9,611 Arista Networks, Inc. (ANET)
Nippon Life Insurance Co. bought a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 9,611 shares of the technology company’s stock, valued at approximately $1,440,000.
Several other hedge funds have also made changes to their positions in the stock. LS Investment Advisors LLC purchased a new stake in shares of Arista Networks during the second quarter worth approximately $119,000. SG Americas Securities LLC purchased a new stake in shares of Arista Networks during the first quarter worth approximately $164,000. Financial Architects Inc raised its stake in shares of Arista Networks by 232.0% in the first quarter. Financial Architects Inc now owns 1,255 shares of the technology company’s stock worth $166,000 after buying an additional 877 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of Arista Networks during the second quarter worth approximately $202,000. Finally, Parametrica Management Ltd purchased a new stake in shares of Arista Networks during the second quarter worth approximately $229,000. Institutional investors own 60.83% of the company’s stock.
Shares of Arista Networks, Inc. (NYSE ANET) opened at 172.01 on Monday. The company has a market cap of $12.48 billion, a PE ratio of 44.39 and a beta of 1.33. The firm has a 50-day moving average price of $157.54 and a 200 day moving average price of $139.45. Arista Networks, Inc. has a 1-year low of $76.01 and a 1-year high of $176.50.
Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.15. The business had revenue of $405.21 million for the quarter, compared to analyst estimates of $361.02 million. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. The company’s quarterly revenue was up 50.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 earnings per share. On average, equities analysts anticipate that Arista Networks, Inc. will post $4.69 earnings per share for the current year.
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A number of analysts recently commented on the company. Cowen and Company lifted their price objective on Arista Networks from $123.00 to $145.00 and gave the stock an “outperform” rating in a research report on Friday, May 5th. UBS AG lifted their price objective on Arista Networks from $120.00 to $150.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 31st. William Blair upgraded Arista Networks from a “market perform” rating to an “outperform” rating in a research report on Friday, August 4th. BMO Capital Markets lifted their price objective on Arista Networks from $145.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, May 5th. Finally, DA Davidson lowered Arista Networks from a “buy” rating to a “neutral” rating and set a $153.00 price objective for the company. in a research report on Monday, May 22nd. Sixteen analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $154.40.
In other Arista Networks news, SVP Marc Taxay sold 2,000 shares of the stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $147.51, for a total value of $295,020.00. Following the transaction, the senior vice president now owns 11,775 shares in the company, valued at $1,736,930.25. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jayshree Ullal sold 59,186 shares of the stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $147.68, for a total value of $8,740,588.48. Following the completion of the transaction, the insider now owns 2,576 shares in the company, valued at approximately $380,423.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 739,882 shares of company stock worth $121,473,046. Corporate insiders own 28.09% of the company’s stock.
Arista Networks Company Profile
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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