AEGON Asset Management UK Plc has reduced its stake in Arista Networks, Inc. (NYSE:ANET) by 9.6% during the second quarter of 2023. According to HoldingsChannel, the institutional investor now holds 318,108 shares of the technology company after selling 33,708 shares during this period. AEGON’s holdings in Arista Networks were valued at approximately $32.55 million at the end of the quarter.
Other institutional investors have also made notable changes to their positions in Arista Networks. REAP Financial Group LLC increased its holdings by 108.0% in the same quarter, acquiring a total of 337 shares valued at around $34,000. HighMark Wealth Management LLC similarly raised its stake by 179.7% during the first quarter, now owning 358 shares worth approximately $28,000. Additionally, Saudi Central Bank and Cloud Capital Management LLC entered new positions in the company, valued at $33,000 and $30,000, respectively.
Hedge funds and other institutional investors currently own 82.47% of Arista Networks’ stock, highlighting the company’s strong institutional backing.
Analyst Ratings and Market Performance
Recent analyst ratings reflect a positive outlook for Arista Networks. William Blair reaffirmed an “outperform” rating for the company, while Barclays raised its target price from $151.00 to $179.00, also assigning an “overweight” rating. UBS Group and KeyCorp adjusted their target prices as well, with UBS raising its estimate to $155.00 and KeyCorp to $145.00. Wolfe Research further increased its target from $160.00 to $185.00.
Research from MarketBeat indicates that 19 analysts have rated the stock as a Buy, while four have issued a Hold rating. The average rating is classified as “Moderate Buy,” with a target price of $163.94.
In recent trading, Arista Networks’ stock experienced a decline of 5.9%, opening at $138.76 on Wednesday. Over the past year, the stock has ranged between a low of $59.43 and a high of $162.68. The company has a market capitalization of $174.40 billion, a price-to-earnings ratio of 54.58, and a beta of 1.47.
Insider Activities
In other developments, insider trading activity has seen significant movements. On October 1, 2023, Director Charles H. Giancarlo sold 8,000 shares at an average price of $147.49, totaling approximately $1.18 million. Following this transaction, Giancarlo’s remaining shares are valued at about $6.16 million, representing a 16.07% decrease in his position.
CEO Jayshree Ullal also made headlines by selling 1,247,688 shares on September 10, 2023, for a total of approximately $185.32 million. After this sale, Ullal retains 5,383,207 shares, valued at around $799.57 million, reflecting an 18.82% decrease in her stake.
In the last quarter alone, insiders sold a cumulative total of 6,678,904 shares valued at approximately $894 million. Corporate insiders now hold 3.54% of the company’s stock.
Arista Networks continues to be an influential player in the technology sector, specializing in data-driven networking solutions for various environments globally, including the Americas, Europe, and Asia-Pacific. The company remains a focal point for investors and analysts alike, with ongoing developments in its market performance and insider activities capturing significant attention.