Arista Networks, Inc. (NYSE:ANET) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 8.3% in the 4th quarter, HoldingsChannel reports. The firm owned 373,279 shares of the technology company’s stock after selling 33,804 shares during the quarter. New York State Common Retirement Fund’s holdings in Arista Networks were worth $87,911,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Arista Networks by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 27,898,836 shares of the technology company’s stock worth $5,131,433,000 after purchasing an additional 84,212 shares during the period. FMR LLC raised its position in shares of Arista Networks by 32.2% in the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after buying an additional 2,515,864 shares during the period. WCM Investment Management LLC raised its position in shares of Arista Networks by 0.5% in the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after buying an additional 16,081 shares during the period. Northern Trust Corp raised its position in shares of Arista Networks by 5.0% in the 3rd quarter. Northern Trust Corp now owns 2,403,738 shares of the technology company’s stock worth $442,120,000 after buying an additional 114,978 shares during the period. Finally, Jennison Associates LLC raised its position in shares of Arista Networks by 0.8% in the 4th quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock worth $425,683,000 after buying an additional 14,627 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Arista Networks news, Director Yvonne Wassenaar sold 224 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $255.29, for a total value of $57,184.96. Following the transaction, the director now owns 2,827 shares of the company’s stock, valued at $721,704.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Yvonne Wassenaar sold 224 shares of Arista Networks stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total transaction of $57,184.96. Following the sale, the director now owns 2,827 shares of the company’s stock, valued at $721,704.83. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $290.05, for a total value of $5,801,000.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $940,922.20. The disclosure for this sale can be found here. Insiders have sold 334,227 shares of company stock valued at $95,828,875 over the last quarter. Insiders own 18.99% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET stock traded up $4.31 during trading hours on Tuesday, hitting $249.78. 913,444 shares of the company were exchanged, compared to its average volume of 2,449,330. Arista Networks, Inc. has a one year low of $131.68 and a one year high of $307.74. The business’s 50-day simple moving average is $279.58 and its two-hundred day simple moving average is $245.79. The stock has a market capitalization of $78.09 billion, a price-to-earnings ratio of 37.88, a P/E/G ratio of 2.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 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 for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the company posted $1.25 earnings per share. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. As a group, analysts anticipate that Arista Networks, Inc. will post 6.7 EPS for the current fiscal year.

Analyst Ratings Changes

ANET has been the topic of several research reports. The Goldman Sachs Group increased their target price on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Melius raised Arista Networks from a “hold” rating to a “buy” rating in a research report on Monday, January 8th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Arista Networks in a report on Tuesday, February 13th. Melius Research upgraded Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a report on Monday, January 8th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $300.00 price target on shares of Arista Networks in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $275.59.

Arista Networks Profile

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.