Arista Networks Inc (NYSE:ANET) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio reduced its position in shares of Arista Networks Inc (NYSE:ANET) by 5.6% during the second quarter, Holdings Channel.com reports. The fund owned 29,866 shares of the technology company’s stock after selling 1,781 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Arista Networks were worth $6,273,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Capital World Investors lifted its position in shares of Arista Networks by 207.8% during the 1st quarter. Capital World Investors now owns 2,020,071 shares of the technology company’s stock valued at $409,165,000 after acquiring an additional 1,363,694 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Arista Networks by 58.6% during the second quarter. First Trust Advisors LP now owns 1,459,250 shares of the technology company’s stock valued at $306,486,000 after purchasing an additional 539,240 shares during the last quarter. Baird Financial Group Inc. boosted its position in shares of Arista Networks by 2,378.8% in the 2nd quarter. Baird Financial Group Inc. now owns 210,797 shares of the technology company’s stock valued at $42,876,000 after purchasing an additional 202,293 shares during the period. Advisor Group Holdings Inc. purchased a new position in Arista Networks in the 1st quarter worth about $3,717,000. Finally, Nuveen Asset Management LLC raised its holdings in Arista Networks by 33.0% during the 1st quarter. Nuveen Asset Management LLC now owns 611,244 shares of the technology company’s stock worth $123,807,000 after buying an additional 151,817 shares during the period. Hedge funds and other institutional investors own 62.49% of the company’s stock.

Shares of ANET traded up $1.13 during mid-day trading on Wednesday, hitting $207.51. 911 shares of the company’s stock were exchanged, compared to its average volume of 605,927. The stock has a market cap of $15.63 billion, a price-to-earnings ratio of 21.96, a P/E/G ratio of 3.01 and a beta of 1.05. The firm has a fifty day moving average of $224.77 and a two-hundred day moving average of $213.49. Arista Networks Inc has a twelve month low of $156.63 and a twelve month high of $267.30.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, August 4th. The technology company reported $2.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.95 by $0.16. The firm had revenue of $540.60 million during the quarter, compared to analysts’ expectations of $530.56 million. Arista Networks had a net margin of 34.67% and a return on equity of 22.29%. Arista Networks’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.44 earnings per share. As a group, equities research analysts forecast that Arista Networks Inc will post 7.47 EPS for the current year.

In related news, SVP Kenneth Duda sold 10,000 shares of the company’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $215.65, for a total transaction of $2,156,500.00. Following the completion of the sale, the senior vice president now directly owns 16,302 shares of the company’s stock, valued at approximately $3,515,526.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Anshul Sadana sold 15,558 shares of the firm’s stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $240.25, for a total transaction of $3,737,809.50. Following the completion of the transaction, the chief operating officer now owns 4,172 shares in the company, valued at $1,002,323. The disclosure for this sale can be found here. Insiders sold 76,114 shares of company stock valued at $17,473,953 in the last ninety days. Insiders own 23.77% of the company’s stock.

Several research analysts have recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Arista Networks from $215.00 to $230.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 5th. Morgan Stanley boosted their target price on shares of Arista Networks from $215.00 to $230.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 5th. Zacks Investment Research upgraded Arista Networks from a “hold” rating to a “buy” rating and set a $245.00 target price for the company in a report on Monday, June 1st. MKM Partners lowered their price target on Arista Networks from $280.00 to $235.00 and set a “neutral” rating on the stock in a report on Friday, September 11th. Finally, Wolfe Research started coverage on Arista Networks in a research report on Friday, July 24th. They set a “market perform” rating on the stock. Twenty equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Arista Networks presently has an average rating of “Hold” and an average target price of $218.31.

About Arista Networks

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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