State of Alaska Department of Revenue Has $13.81 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

State of Alaska Department of Revenue grew its stake in Arista Networks, Inc. (NYSE:ANET) by 214.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 124,987 shares of the technology company’s stock after acquiring an additional 85,225 shares during the period. State of Alaska Department of Revenue’s holdings in Arista Networks were worth $13,814,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Caitlin John LLC lifted its holdings in Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after buying an additional 152 shares during the period. Cranbrook Wealth Management LLC grew its stake in shares of Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the period. Trust Co. of Vermont lifted its stake in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares during the period. New Millennium Group LLC boosted its holdings in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 195 shares during the last quarter. Finally, Westside Investment Management Inc. grew its position in shares of Arista Networks by 1,012.0% during the 4th quarter. Westside Investment Management Inc. now owns 278 shares of the technology company’s stock worth $31,000 after buying an additional 253 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now directly owns 42,946 shares of the company’s stock, valued at $17,721,666.90. This trade represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider John F. Mccool sold 288 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $108.70, for a total value of $31,305.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 255,832 shares of company stock valued at $28,538,497. 3.54% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Piper Sandler reiterated a “neutral” rating and issued a $105.25 target price (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Rosenblatt Securities increased their price target on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a report on Friday, November 8th. Evercore ISI raised 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, Barclays lowered their target price on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $105.83.

Arista Networks Price Performance

Arista Networks stock opened at $115.43 on Thursday. The company has a market cap of $145.41 billion, a price-to-earnings ratio of 55.49, a P/E/G ratio of 3.10 and a beta of 1.09. The firm has a 50-day moving average of $112.28 and a 200-day moving average of $99.36. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.57.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business’s revenue was up 20.0% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. As a group, sell-side analysts expect that Arista Networks, Inc. will post 1.97 earnings per share for the current year.

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.