Arista Networks, Inc. $ANET Stock: Assenagon Asset Management S.A. Grows Stake

Assenagon Asset Management S.A. raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 67.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,467,232 shares of the technology company's stock after acquiring an additional 1,395,571 shares during the quarter. Arista Networks makes up 0.5% of Assenagon Asset Management S.A.'s portfolio, making the stock its 28th largest holding. Assenagon Asset Management S.A. owned 0.27% of Arista Networks worth $698,266,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp increased its stake in shares of Arista Networks by 159.4% in the 2nd quarter. State Street Corp now owns 121,303,125 shares of the technology company's stock worth $20,606,975,000 after purchasing an additional 74,541,134 shares in the last quarter. Jupiter Topco LLC bought a new position in Arista Networks in the 2nd quarter worth $1,101,860,000. Envestnet Asset Management Inc. lifted its position in Arista Networks by 199.0% during the second quarter. Envestnet Asset Management Inc. now owns 9,630,196 shares of the technology company's stock valued at $1,635,978,000 after purchasing an additional 6,409,612 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in Arista Networks during the second quarter valued at $537,736,000. Finally, Massachusetts Financial Services Co. MA lifted its position in Arista Networks by 34.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 9,725,196 shares of the technology company's stock valued at $1,712,788,000 after purchasing an additional 2,497,275 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insider Activity

In related news, insider Kenneth Duda sold 17,333 shares of Arista Networks stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $203.50, for a total transaction of $3,527,265.50. Following the sale, the insider owned 12,976 shares of the company's stock, valued at approximately $2,640,616. This trade represents a 57.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Chantelle Breithaupt sold 1,224 shares of the business's stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $215.00, for a total value of $263,160.00. Following the completion of the transaction, the chief financial officer directly owned 68,697 shares in the company, valued at approximately $14,769,855. This represents a 1.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 3,627,449 shares of company stock valued at $740,784,723 in the last three months. 2.70% of the stock is currently owned by insiders.

Arista Networks Stock Performance

Shares of ANET stock opened at $185.53 on Friday. Arista Networks, Inc. has a 52-week low of $114.52 and a 52-week high of $217.41. The firm has a market capitalization of $234.00 billion, a PE ratio of 61.84, a PEG ratio of 2.27 and a beta of 1.60. The stock has a fifty day simple moving average of $198.69 and a two-hundred day simple moving average of $174.33.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The technology company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.89 by $0.13. Arista Networks had a return on equity of 30.65% and a net margin of 38.37%. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $2.83 billion. During the same period in the previous year, the business earned $0.73 earnings per share. The business's revenue was up 37.7% on a year-over-year basis. Arista Networks has set its Q3 2026 guidance at 1.060-1.080 EPS. On average, sell-side analysts forecast that Arista Networks, Inc. will post 3.79 EPS for the current fiscal year.

Analysts Set New Price Targets

ANET has been the subject of several recent research reports. KeyCorp reissued an "overweight" rating and set a $250.00 price target (up from $200.00) on shares of Arista Networks in a report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft initiated coverage on Arista Networks in a research note on Monday, August 31st. They issued a "buy" rating and a $220.00 price objective on the stock. Erste Group Bank raised Arista Networks from a "hold" rating to a "buy" rating in a research note on Wednesday, July 15th. Piper Sandler reaffirmed an "overweight" rating and set a $240.00 price objective (up from $181.00) on shares of Arista Networks in a research report on Wednesday, August 5th. Finally, Barclays reiterated an "overweight" rating and set a $289.00 price objective (up from $195.00) on shares of Arista Networks in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $235.45.

About Arista Networks

Arista Networks, Inc develops and sells cloud networking solutions for data centers, campus environments and high-performance computing applications. Its products include Ethernet switches, routers, wireless access points and related networking equipment designed to support cloud computing, artificial intelligence, enterprise and service-provider networks.

The company's software portfolio includes Arista EOS, its network operating system, and CloudVision, a platform that helps customers manage, automate and monitor network infrastructure.

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.