Mitsubishi UFJ Trust & Banking Corp Purchases 1,091,486 Shares of Arista Networks, Inc. (NYSE:ANET)

Mitsubishi UFJ Trust & Banking Corp lifted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 290.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,466,819 shares of the technology company's stock after acquiring an additional 1,091,486 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.12% of Arista Networks worth $162,128,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Arista Networks in the third quarter valued at $1,417,000. Eagle Asset Management Inc. raised its position in Arista Networks by 21.1% during the third quarter. Eagle Asset Management Inc. now owns 16,130 shares of the technology company's stock valued at $6,459,000 after buying an additional 2,807 shares during the period. Raymond James Trust N.A. lifted its stake in Arista Networks by 2.9% in the 3rd quarter. Raymond James Trust N.A. now owns 2,538 shares of the technology company's stock worth $974,000 after acquiring an additional 71 shares in the last quarter. Cerity Partners LLC boosted its position in Arista Networks by 50.4% during the 3rd quarter. Cerity Partners LLC now owns 33,454 shares of the technology company's stock worth $12,409,000 after acquiring an additional 11,216 shares during the period. Finally, Kingsview Wealth Management LLC grew its stake in Arista Networks by 1.5% during the 3rd quarter. Kingsview Wealth Management LLC now owns 4,169 shares of the technology company's stock valued at $1,600,000 after acquiring an additional 63 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

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Arista Networks Price Performance

Shares of ANET stock traded down $0.64 during trading on Tuesday, reaching $86.87. The company had a trading volume of 7,776,843 shares, compared to its average volume of 8,572,881. The company has a market capitalization of $109.55 billion, a PE ratio of 39.13, a PEG ratio of 3.10 and a beta of 1.08. The firm's 50 day simple moving average is $101.47 and its two-hundred day simple moving average is $101.98. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.02. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the transaction, the senior vice president now 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 51,848 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock valued at $49,112,111 in the last quarter. Insiders own 3.54% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on ANET shares. Citigroup raised their price target on shares of Arista Networks from $115.00 to $121.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. Needham & Company LLC reissued a "buy" rating and set a $145.00 target price on shares of Arista Networks in a research note on Wednesday, February 19th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Arista Networks in a research note on Monday, March 3rd. Piper Sandler reissued a "neutral" rating and set a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Finally, Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and a consensus price target of $114.00.

Arista Networks 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.