TIAA CREF Investment Management LLC grew its stake in Arista Networks, Inc. (NYSE:ANET) by 70.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 233,915 shares of the technology company’s stock after purchasing an additional 96,824 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 0.32% of Arista Networks worth $35,038,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Arista Networks by 12.8% in the 1st quarter. Vanguard Group Inc. now owns 3,514,246 shares of the technology company’s stock valued at $464,830,000 after purchasing an additional 399,688 shares in the last quarter. FMR LLC raised its stake in shares of Arista Networks by 32.2% in the 1st quarter. FMR LLC now owns 3,288,755 shares of the technology company’s stock valued at $435,004,000 after purchasing an additional 800,465 shares in the last quarter. BlackRock Inc. raised its stake in shares of Arista Networks by 34,238.9% in the 1st quarter. BlackRock Inc. now owns 1,684,322 shares of the technology company’s stock valued at $222,784,000 after purchasing an additional 1,679,417 shares in the last quarter. Harbour Capital Advisors LLC raised its stake in shares of Arista Networks by 13,502.2% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock valued at $8,200,000 after purchasing an additional 1,219,248 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Arista Networks by 1.2% in the 2nd quarter. First Trust Advisors LP now owns 801,191 shares of the technology company’s stock valued at $120,010,000 after purchasing an additional 9,596 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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Shares of Arista Networks, Inc. (ANET) opened at 187.23 on Friday. The company’s 50-day moving average is $171.12 and its 200 day moving average is $150.29. The firm has a market capitalization of $13.58 billion, a price-to-earnings ratio of 48.32 and a beta of 1.30. Arista Networks, Inc. has a 1-year low of $78.82 and a 1-year high of $188.85.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, topping the consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The company had revenue of $405.21 million during the quarter, compared to analysts’ expectations of $361.02 million. During the same quarter in the previous year, the company earned $0.74 EPS. Arista Networks’s revenue was up 50.8% on a year-over-year basis. On average, analysts expect that Arista Networks, Inc. will post $4.70 EPS for the current fiscal year.

In other news, insider Jayshree Ullal sold 55,221 shares of Arista Networks stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $160.22, for a total transaction of $8,847,508.62. Following the completion of the sale, the insider now owns 2,576 shares in the company, valued at approximately $412,726.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Anshul Sadana sold 12,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $154.51, for a total transaction of $1,854,120.00. Following the sale, the insider now owns 99,841 shares of the company’s stock, valued at approximately $15,426,432.91. The disclosure for this sale can be found here. In the last quarter, insiders have sold 484,942 shares of company stock valued at $82,414,703. 28.09% of the stock is owned by corporate insiders.

ANET has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and issued a $150.00 target price on shares of Arista Networks in a research note on Tuesday, July 4th. Zacks Investment Research downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Stifel Nicolaus reaffirmed a “hold” rating and set a $145.00 price objective on shares of Arista Networks in a research report on Friday, July 21st. BidaskClub downgraded shares of Arista Networks from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 4th. Finally, Barclays PLC boosted their price objective on shares of Arista Networks from $161.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, June 15th. Fifteen research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $160.00.

About Arista Networks

Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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