State of Alaska Department of Revenue Decreases Holdings in Arista Networks, Inc. (NYSE:ANET)

State of Alaska Department of Revenue cut its stake in Arista Networks, Inc. (NYSE:ANET) by 14.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,762 shares of the technology company’s stock after selling 6,730 shares during the quarter. State of Alaska Department of Revenue’s holdings in Arista Networks were worth $15,260,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of ANET. GQG Partners LLC purchased a new stake in shares of Arista Networks during the 1st quarter valued at about $881,848,000. Legal & General Group Plc grew its position in Arista Networks by 0.9% in the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after acquiring an additional 20,278 shares in the last quarter. Swedbank AB purchased a new stake in shares of Arista Networks during the first quarter valued at approximately $521,767,000. Ameriprise Financial Inc. lifted its position in shares of Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after purchasing an additional 884,703 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in shares of Arista Networks by 18.7% in the first quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock valued at $273,652,000 after purchasing an additional 148,759 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 628 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Kelly Bodnar Battles sold 373 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $396.48, for a total value of $147,887.04. Following the completion of the transaction, the director now owns 2,192 shares in the company, valued at $869,084.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Marc Taxay sold 628 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The disclosure for this sale can be found here. Insiders sold 58,570 shares of company stock worth $21,474,782 in the last 90 days. 3.54% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ANET has been the topic of several analyst reports. Evercore ISI lifted their price target on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Rosenblatt Securities lifted their target price on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Wells Fargo & Company increased their price target on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Morgan Stanley lifted their price objective on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Finally, KeyCorp increased their target price on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $369.50.

Arista Networks Stock Performance

Arista Networks stock opened at $394.09 on Friday. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $422.73. The firm’s 50-day moving average is $372.10 and its 200-day moving average is $335.14. The company has a market cap of $123.49 billion, a P/E ratio of 54.89, a PEG ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. Arista Networks’s revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the company posted $1.41 earnings per share. As a group, sell-side analysts predict that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

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.