Arista Networks, Inc. $ANET Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 4.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 110,971 shares of the technology company’s stock after selling 4,860 shares during the quarter. State of Alaska Department of Revenue’s holdings in Arista Networks were worth $16,169,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ANET. Norges Bank purchased a new stake in Arista Networks during the second quarter worth about $1,228,177,000. Nordea Investment Management AB lifted its position in shares of Arista Networks by 193.3% during the 2nd quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock valued at $721,342,000 after acquiring an additional 4,656,021 shares during the period. Holocene Advisors LP purchased a new stake in shares of Arista Networks during the 2nd quarter worth approximately $247,451,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Arista Networks by 123.0% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 3,068,064 shares of the technology company’s stock worth $313,894,000 after acquiring an additional 1,692,467 shares during the period. Finally, Voya Investment Management LLC increased its stake in Arista Networks by 102.1% in the 1st quarter. Voya Investment Management LLC now owns 3,086,504 shares of the technology company’s stock valued at $239,142,000 after purchasing an additional 1,559,453 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Down 4.9%

Shares of Arista Networks stock opened at $123.77 on Friday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The business’s fifty day moving average is $131.12 and its two-hundred day moving average is $131.44. The firm has a market cap of $155.86 billion, a PE ratio of 47.06, a P/E/G ratio of 2.19 and a beta of 1.41.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same period in the prior year, the firm posted $2.40 earnings per share. The business’s quarterly revenue was up 27.5% compared to the same quarter last year. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wells Fargo & Company boosted their target price on Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Morgan Stanley cut their price target on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Barclays reissued an “overweight” rating and issued a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Citigroup raised their target price on shares of Arista Networks from $136.00 to $176.00 and gave the company a “buy” rating in a report on Friday, September 12th. Finally, William Blair reaffirmed an “outperform” rating on shares of Arista Networks in a report on Friday, September 12th. Eighteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $164.44.

Insider Transactions at Arista Networks

In related news, insider Kenneth Duda sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total value of $3,694,800.00. Following the sale, the insider directly owned 12,976 shares of the company’s stock, valued at approximately $1,598,124.16. This trade represents a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 24,042 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the completion of the sale, the chief executive officer owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. The trade was a 70.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 216,464 shares of company stock worth $28,488,988 in the last three months. Company insiders own 3.39% of the company’s stock.

Arista Networks Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.