California Public Employees Retirement System Raises Stock Position in Arista Networks, Inc. (NYSE:ANET)

California Public Employees Retirement System lifted its position in Arista Networks, Inc. (NYSE:ANET) by 273.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,955,094 shares of the technology company’s stock after purchasing an additional 1,432,009 shares during the period. California Public Employees Retirement System owned 0.16% of Arista Networks worth $216,097,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. True Wealth Design LLC raised its holdings in shares of Arista Networks by 2,133.3% in the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after purchasing an additional 128 shares in the last quarter. Anchor Investment Management LLC raised its stake in Arista Networks by 35.0% in the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after buying an additional 35 shares in the last quarter. Caitlin John LLC lifted its holdings in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted its position in Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after acquiring an additional 191 shares in the last quarter. Finally, New Millennium Group LLC raised its position in shares of Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 195 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ANET. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Rosenblatt Securities reissued a “sell” rating and set a $80.00 target price on shares of Arista Networks in a research report on Tuesday, February 18th. Evercore ISI upped their price target on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, Piper Sandler reissued a “neutral” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Price Performance

ANET stock opened at $77.91 on Monday. The company has a market capitalization of $98.25 billion, a P/E ratio of 35.09, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.58. The firm’s fifty day simple moving average is $99.16 and its 200-day simple moving average is $101.91.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the sale, the director now directly owns 163,784 shares of the company’s stock, valued at $18,263,553.84. This represents a 4.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,101,013.60. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 491,001 shares of company stock valued at $49,112,111. 3.54% of the stock is owned by company 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.