Daiwa Securities Group Inc. reduced its holdings in Arista Networks, Inc. by 2.4% during the second quarter, according to a recent disclosure with the Securities and Exchange Commission (SEC). The firm now owns 187,500 shares of the technology company after selling 4,586 shares during this period. The current value of Daiwa’s stake in Arista Networks stands at approximately $19.18 million.
Several institutional investors and hedge funds have also recently adjusted their positions in Arista Networks. Notably, Gerber Kawasaki Wealth & Investment Management increased its stake by an impressive 39.9%, bringing its total to 10,104 shares, valued at $1.03 million. L2 Asset Management LLC entered a new position in the company, worth $452,000. Additionally, Vega Investment Solutions raised its holdings by 17.1%, now owning 29,350 shares valued at $3.00 million. A significant move was made by Natixis, which boosted its stake by 194.7% to 344,800 shares, valued at $35.28 million. Bank of Nova Scotia also increased its holdings by 1.4%, now owning 1,534,352 shares worth approximately $156.98 million. Currently, institutional investors control 82.47% of Arista Networks’ stock.
Analysts Provide Insight on Arista Networks
Wall Street analysts have shared their perspectives on Arista Networks following the recent adjustments in institutional holdings. Weiss Ratings reaffirmed a “buy (B-)” rating on the company’s shares in a research note. Rosenblatt Securities has maintained a “neutral” rating with a price objective of $140.00 as of November 24. Needham & Company LLC raised its price target from $155.00 to $160.00 while issuing a “buy” rating. UBS Group also reiterated a “buy” rating with a target price of $155.00. In a recent report, JPMorgan Chase & Co. increased its price target from $150.00 to $175.00 and assigned an “overweight” rating. Overall, 18 analysts have rated Arista Networks as a “buy,” while five have issued a “hold” rating, reflecting a consensus rating of “Moderate Buy” with an average target price of $164.31, according to MarketBeat data.
Recent Insider Transactions
In related news, insider transactions at Arista Networks have also caught attention. On November 17, insider Kenneth Duda sold 30,000 shares at an average price of $128.61, totaling $3.86 million. Post-sale, Duda holds 12,976 shares valued at approximately $1.67 million, indicating a decrease of 69.81% in his position. Similarly, CEO Jayshree Ullal sold 24,042 shares on November 25 at an average price of $124.55, resulting in a transaction worth about $2.99 million. Following this transaction, Ullal owns 9,917 shares valued at approximately $1.24 million, representing a 70.80% reduction in her holdings. In total, insiders have sold 274,464 shares worth approximately $38.25 million over the past ninety days, with corporate insiders owning 3.54% of the company’s stock.
As of now, Arista Networks shares opened at $129.89. The company’s 50-day moving average is $139.91, while its 200-day moving average stands at $126.11. Over the past year, the stock has fluctuated between a low of $59.43 and a high of $164.94. Arista Networks has a market capitalization of $163.56 billion and a price-to-earnings ratio of 49.39.
Arista Networks recently announced its quarterly earnings on November 4, reporting earnings per share (EPS) of $0.75, surpassing analysts’ expectations of $0.72 by $0.03. The company generated $2.31 billion in revenue for the quarter, exceeding forecasts of $2.26 billion. With a return on equity of 30.28% and a net margin of 39.73%, Arista Networks’ quarterly revenue rose by 27.5% compared to the same period last year. Analysts anticipate that Arista Networks will report earnings per share of $2.20 for the current year.
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