Mon Sep 09 15:06:55 UTC 2024: ## Varma Mutual Pension Insurance Co. Reduces Arista Networks Stake
**New York, NY (MarketBeat News)** – Varma Mutual Pension Insurance Co., a prominent investor, trimmed its stake in Arista Networks, Inc. (NYSE: ANET) by 12.8% in the second quarter, according to the company’s latest filing with the Securities and Exchange Commission.
Varma now owns 50,300 shares of Arista Networks, valued at $17,629,000, after selling off 7,400 shares during the period. This move comes amidst a flurry of activity from other institutional investors and hedge funds, with some increasing their holdings in the technology company.
International Assets Investment Management LLC boosted its position in Arista Networks by 7.4% in the fourth quarter, while 9258 Wealth Management LLC acquired a new stake in the company during the same period. Private Advisor Group LLC and Versor Investments LP also increased their stakes in Arista Networks during the fourth quarter.
Research analysts remain optimistic about Arista Networks’ future prospects. Citigroup, JPMorgan Chase & Co., UBS Group, and Wells Fargo & Company have all raised their price targets on the stock in recent months. However, one analyst has assigned a “sell” rating, while four have assigned a “hold” rating. The overall consensus rating for ANET is “Moderate Buy,” with a consensus price target of $358.63.
In recent insider transactions, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock on June 27th, while insider John F. Mccool sold 584 shares on September 3rd. Corporate insiders own 3.54% of the company’s stock.
Arista Networks, a leading provider of cloud networking solutions, reported strong earnings in the second quarter, exceeding analyst expectations. The company’s revenue grew 15.9% year-over-year.
Despite the recent sell-off by Varma Mutual Pension Insurance Co., overall institutional investor interest in Arista Networks remains high, with 82.47% of the stock currently owned by institutional investors and hedge funds.
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