Mirae Asset Global Investments Co. Ltd. Sells 11,826 Shares of Arista Networks, Inc. (NYSE:ANET)

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 5.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 208,082 shares of the technology company's stock after selling 11,826 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Arista Networks were worth $16,122,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after acquiring an additional 72,311,318 shares during the period. FMR LLC boosted its stake in shares of Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC grew its holdings in shares of Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after purchasing an additional 14,454,822 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. KeyCorp assumed coverage on shares of Arista Networks in a research note on Thursday. They set an "overweight" rating and a $115.00 price objective on the stock. JPMorgan Chase & Co. reduced their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Wedbush started coverage on Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating for the company. Needham & Company LLC assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating for the company. Finally, BNP Paribas Exane lowered Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective on the stock. in a research note on Wednesday, June 11th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Arista Networks has an average rating of "Moderate Buy" and a consensus price target of $109.33.

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 161,690 shares of company stock worth $14,525,085 in the last ninety days. Company insiders own 3.39% of the company's stock.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $99.37 on Monday. The company has a 50 day moving average of $89.99 and a 200-day moving average of $95.50. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock has a market cap of $124.81 billion, a price-to-earnings ratio of 42.06, a P/E/G ratio of 2.90 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the company posted $0.50 EPS. The business's revenue for the quarter was up 27.6% compared to the same quarter last year. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has approved a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.