Arizona State Retirement System Has $27 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Arizona State Retirement System lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 1.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 77,039 shares of the technology company’s stock after buying an additional 1,155 shares during the quarter. Arizona State Retirement System’s holdings in Arista Networks were worth $27,001,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of ANET. Vanguard Group Inc. increased its position in shares of Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Capital World Investors increased its position in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after purchasing an additional 55,312 shares during the period. WCM Investment Management LLC increased its position in shares of Arista Networks by 0.8% in the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after purchasing an additional 25,196 shares during the period. GQG Partners LLC bought a new position in shares of Arista Networks in the first quarter worth $881,848,000. Finally, Norges Bank bought a new position in shares of Arista Networks in the fourth quarter worth $586,051,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ANET shares. Piper Sandler lifted their target price on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. JPMorgan Chase & Co. lifted their target price on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Barclays lifted their target price on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Evercore ISI lifted their target price on Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Finally, UBS Group lifted their target price on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Stock Performance

Shares of ANET stock opened at $326.00 on Friday. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $376.50. The company has a market capitalization of $102.16 billion, a PE ratio of 45.73, a price-to-earnings-growth ratio of 2.78 and a beta of 1.11. The business’s fifty day moving average is $343.81 and its 200 day moving average is $310.31.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion during 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%. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.41 EPS. On average, sell-side analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $325.88, for a total transaction of $6,517,600.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,057,154.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 126,300 shares of company stock worth $44,194,544. Corporate insiders own 3.54% of the company’s stock.

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.