Arista Networks Inc (ANET) Stake Increased by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its holdings in Arista Networks Inc (NYSE:ANET) by 41.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,750 shares of the technology company’s stock after buying an additional 2,838 shares during the quarter. State of Alaska Department of Revenue’s holdings in Arista Networks were worth $2,592,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Pennsylvania Trust Co increased its position in shares of Arista Networks by 3.3% during the third quarter. Pennsylvania Trust Co now owns 9,443 shares of the technology company’s stock worth $2,510,000 after purchasing an additional 305 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Arista Networks during the third quarter worth approximately $581,000. Northern Trust Corp increased its position in shares of Arista Networks by 0.8% during the second quarter. Northern Trust Corp now owns 316,965 shares of the technology company’s stock worth $81,616,000 after purchasing an additional 2,494 shares in the last quarter. HRT Financial LLC purchased a new stake in shares of Arista Networks during the second quarter worth approximately $252,000. Finally, Schroder Investment Management Group purchased a new stake in shares of Arista Networks during the second quarter worth approximately $1,396,000. Institutional investors and hedge funds own 54.71% of the company’s stock.

In other news, SVP Marc Taxay sold 2,000 shares of the company’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $260.26, for a total value of $520,520.00. Following the transaction, the senior vice president now owns 15,371 shares of the company’s stock, valued at approximately $4,000,456.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 11,000 shares of the company’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $268.73, for a total value of $2,956,030.00. Following the completion of the transaction, the senior vice president now directly owns 1,845 shares in the company, valued at approximately $495,806.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 216,820 shares of company stock worth $64,349,221. Corporate insiders own 24.95% of the company’s stock.

Several brokerages recently commented on ANET. Morgan Stanley cut Arista Networks from an “overweight” rating to an “equal weight” rating and set a $310.00 price target for the company. in a research report on Tuesday, September 4th. UBS Group began coverage on Arista Networks in a report on Wednesday, September 26th. They issued a “neutral” rating and a $290.00 target price for the company. Loop Capital upped their target price on Arista Networks to $260.00 and gave the company a “hold” rating in a report on Friday, August 3rd. They noted that the move was a valuation call. DA Davidson upped their target price on Arista Networks from $300.00 to $312.00 and gave the company a “buy” rating in a report on Friday, August 3rd. Finally, William Blair restated an “outperform” rating on shares of Arista Networks in a report on Monday, September 17th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $287.41.

Shares of Arista Networks stock opened at $233.58 on Wednesday. Arista Networks Inc has a 52 week low of $177.92 and a 52 week high of $313.37. The firm has a market capitalization of $19.89 billion, a PE ratio of 50.23, a price-to-earnings-growth ratio of 1.95 and a beta of 1.48. The company has a current ratio of 3.17, a quick ratio of 2.87 and a debt-to-equity ratio of 0.02.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, August 2nd. The technology company reported $1.93 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.43. Arista Networks had a return on equity of 28.51% and a net margin of 28.07%. The business had revenue of $519.85 million for the quarter, compared to analyst estimates of $509.62 million. During the same quarter in the prior year, the company posted $1.34 EPS. The company’s quarterly revenue was up 28.3% on a year-over-year basis. Equities analysts forecast that Arista Networks Inc will post 6.43 earnings per share for the current fiscal year.

About Arista Networks

Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its 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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