Arista Networks, Inc. (NYSE:ANET) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 2.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 461,629 shares of the technology company’s stock after selling 11,218 shares during the period. California Public Employees Retirement System’s holdings in Arista Networks were worth $108,718,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Rakuten Securities Inc. acquired a new position in shares of Arista Networks in the 4th quarter valued at $35,000. Atticus Wealth Management LLC boosted its holdings in Arista Networks by 3,625.0% in the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after purchasing an additional 145 shares during the last quarter. Larson Financial Group LLC purchased a new stake in Arista Networks in the third quarter valued at $28,000. Sandy Spring Bank boosted its holdings in Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after purchasing an additional 39 shares during the last quarter. Finally, First Command Advisory Services Inc. purchased a new stake in Arista Networks in the third quarter valued at $29,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on ANET. Evercore ISI reissued an “outperform” rating and set a $300.00 target price on shares of Arista Networks in a research note on Wednesday, March 27th. Barclays increased their price objective on shares of Arista Networks from $272.00 to $311.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. KeyCorp increased their price objective on shares of Arista Networks from $232.00 to $287.00 and gave the company an “overweight” rating in a report on Thursday, January 18th. Rosenblatt Securities restated a “sell” rating and set a $210.00 price target on shares of Arista Networks in a report on Friday, April 12th. Finally, Oppenheimer restated a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $275.59.

Arista Networks Trading Up 2.4 %

Arista Networks stock opened at $251.28 on Wednesday. The stock has a market cap of $78.56 billion, a P/E ratio of 38.25, a price-to-earnings-growth ratio of 2.10 and a beta of 1.09. The company has a fifty day simple moving average of $279.29 and a 200-day simple moving average of $246.19. Arista Networks, Inc. has a 12-month low of $131.68 and a 12-month high of $307.74.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the company earned $1.25 EPS. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction on Friday, March 1st. The shares were sold at an average price of $286.52, for a total transaction of $573,040.00. Following the sale, the director now directly owns 60,946 shares in the company, valued at approximately $17,462,247.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $286.52, for a total transaction of $573,040.00. Following the completion of the sale, the director now directly owns 60,946 shares of the company’s stock, valued at approximately $17,462,247.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Yvonne Wassenaar sold 224 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $255.29, for a total value of $57,184.96. Following the sale, the director now directly owns 2,827 shares of the company’s stock, valued at $721,704.83. The disclosure for this sale can be found here. Insiders have sold 334,227 shares of company stock worth $95,828,875 in the last ninety days. 18.99% of the stock is owned by corporate insiders.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.