New York State Teachers Retirement System Decreases Position in Arista Networks, Inc. (NYSE:ANET)

New York State Teachers Retirement System reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 228,407 shares of the technology company’s stock after selling 4,702 shares during the period. New York State Teachers Retirement System’s holdings in Arista Networks were worth $87,667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ANET. Beacon Capital Management LLC raised its position in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares in the last quarter. LGT Financial Advisors LLC acquired a new position in shares of Arista Networks in the 2nd quarter valued at $27,000. Byrne Asset Management LLC purchased a new stake in Arista Networks during the second quarter worth $33,000. Sugarloaf Wealth Management LLC purchased a new position in Arista Networks in the second quarter valued at $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Arista Networks during the 2nd quarter worth about $35,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ANET. Rosenblatt Securities boosted their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Wells Fargo & Company increased their price objective on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Citigroup upped their price target on shares of Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Evercore ISI boosted their price objective on Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Piper Sandler increased their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $369.50.

Arista Networks Trading Down 0.6 %

Arista Networks stock traded down $2.39 during mid-day trading on Wednesday, hitting $399.18. The company’s stock had a trading volume of 171,109 shares, compared to its average volume of 2,199,809. Arista Networks, Inc. has a 1 year low of $187.68 and a 1 year high of $422.73. The firm has a market capitalization of $125.09 billion, a PE ratio of 55.93, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. The stock’s fifty day moving average is $373.86 and its two-hundred day moving average is $337.07.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the business earned $1.41 earnings per share. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Marc Taxay sold 628 shares of Arista Networks 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $394.69, for a total value of $7,893,800.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 58,570 shares of company stock valued at $21,474,782. Company 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.