Meiji Yasuda Life Insurance Co increased its stake in Arista Networks, Inc. (NYSE:ANET) by 312.3% during the fourth quarter, as revealed in its recent 13F filing with the SEC. The firm now owns 28,071 shares of the technology company’s stock, worth $3,103,000 at the end of the quarter.
This move is part of a larger trend among institutional investors. Other major investors, such as Vanguard Group Inc., FMR LLC, Geode Capital Management LLC, and Alliancebernstein L.P., have also significantly increased their positions in Arista Networks during the same period. Vanguard Group Inc. now holds 96,084,951 shares worth $10.62 billion, while FMR LLC owns 57,648,129 shares valued at $6.37 billion. Geode Capital Management LLC and Alliancebernstein L.P. have stakes worth $2.67 billion and $2.33 billion, respectively.
Insider Activity and Analyst Ratings
In related news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock on February 6th at an average price of $115.61, reducing his ownership by 86.04%. Director Kelly Bodnar Battles also sold 1,488 shares on February 14th at $107.13, decreasing her stake by 15.47%. In total, insiders sold 412,355 shares worth $39.45 million in the last 90 days.
Analysts have mixed ratings for Arista Networks. Morgan Stanley upgraded its price target from $73.00 to $100.00 with an “overweight” rating, while Piper Sandler lowered its target from $108.00 to $76.00 with a “neutral” rating. Evercore ISI and UBS Group maintained “outperform” and “buy” ratings, respectively, with adjusted price targets. The stock currently has a “Moderate Buy” rating with a consensus price target of $108.36.
Stock Performance
Arista Networks’ stock opened at $87.86 on Friday, with a 52-week low of $59.43 and a high of $133.58. The company has a market cap of $110.31 billion and a price-to-earnings ratio of 39.57. The business reported $0.59 earnings per share for the quarter, beating analysts’ estimates of $0.57. Revenue was $1.93 billion, exceeding expectations of $1.90 billion.
