New York State Common Retirement Fund Trims Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

New York State Common Retirement Fund decreased its position in Arista Networks, Inc. (NYSE:ANET) by 8.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 373,279 shares of the technology company’s stock after selling 33,804 shares during the period. New York State Common Retirement Fund owned approximately 0.12% of Arista Networks worth $87,911,000 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 the company. International Assets Investment Management LLC grew its position in Arista Networks by 6.7% during the 3rd quarter. International Assets Investment Management LLC now owns 2,427 shares of the technology company’s stock worth $441,000 after purchasing an additional 153 shares during the period. Arkadios Wealth Advisors grew its position in Arista Networks by 7.5% during the 3rd quarter. Arkadios Wealth Advisors now owns 1,474 shares of the technology company’s stock worth $271,000 after purchasing an additional 103 shares during the period. Global Retirement Partners LLC grew its position in Arista Networks by 203.3% during the 3rd quarter. Global Retirement Partners LLC now owns 2,290 shares of the technology company’s stock worth $426,000 after purchasing an additional 1,535 shares during the period. HB Wealth Management LLC grew its position in Arista Networks by 22.1% during the 3rd quarter. HB Wealth Management LLC now owns 3,362 shares of the technology company’s stock worth $618,000 after purchasing an additional 609 shares during the period. Finally, Montecito Bank & Trust acquired a new stake in Arista Networks during the 3rd quarter worth about $234,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE:ANET traded up $4.31 during trading on Tuesday, reaching $249.78. The company had a trading volume of 913,444 shares, compared to its average volume of 2,449,330. The firm’s fifty day moving average is $279.58 and its 200 day moving average is $245.79. The firm has a market capitalization of $78.09 billion, a PE ratio of 37.88, a price-to-earnings-growth ratio of 2.10 and a beta of 1.09. Arista Networks, Inc. has a twelve month low of $131.68 and a twelve month high of $307.74.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The firm’s revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.25 earnings per share. Equities analysts predict that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 733 shares of the company’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $268.15, for a total transaction of $196,553.95. Following the completion of the sale, the chief executive officer now directly owns 74,031 shares of the company’s stock, valued at approximately $19,851,412.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Jayshree Ullal sold 733 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $268.15, for a total transaction of $196,553.95. Following the completion of the sale, the chief executive officer now owns 74,031 shares in the company, valued at approximately $19,851,412.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John F. Mccool sold 420 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $266.08, for a total transaction of $111,753.60. The disclosure for this sale can be found here. Insiders have sold a total of 334,227 shares of company stock worth $95,828,875 in the last 90 days. 18.99% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Melius Research upgraded Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a research report on Monday, January 8th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research report on Tuesday, February 13th. Morgan Stanley raised their target price on Arista Networks from $230.00 to $272.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Piper Sandler lifted their price objective on Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. Finally, JPMorgan Chase & Co. lifted their price objective on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $275.59.

Arista Networks Company Profile

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.