Arista Networks sees institutional stake cuts

BI Asset Management Fondsmaeglerselskab A S cut its Arista Networks position by 21%, selling 127,261 shares and ending the quarter with 479,219 shares valued at about $58.8 million. Park National Corp reduced its holding by 3.8%, selling 12,724 shares and finishing with 324,424 shares worth roughly $39.8 million.

Meanwhile, other large investors expanded their exposure: Norges Bank took a new position worth $1.56 billion; Arrowstreet Capital boosted its stake by 82.5% to 9.6 million shares valued at $1.40 billion; M&T Bank increased its holding to 4.0 million shares ($525 million); Franklin Resources grew to 7.9 million shares ($1.03 billion); and Pictet Asset Management raised its position by 310.6% to 2.28 million shares ($299 million). Institutional investors now own roughly 82.5% of Arista’s stock, and the shares traded around $169.84 per share.