New York State Common Retirement Fund Has $131.21 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

New York State Common Retirement Fund lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 4.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 341,859 shares of the technology company’s stock after selling 17,613 shares during the period. New York State Common Retirement Fund owned 0.11% of Arista Networks worth $131,212,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. GQG Partners LLC acquired a new position in Arista Networks during the first quarter worth about $881,848,000. Swedbank AB bought a new stake in Arista Networks in the first quarter worth approximately $521,767,000. Ameriprise Financial Inc. lifted its stake in Arista Networks by 97.2% in the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after buying an additional 884,703 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Arista Networks by 39,841.1% during the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock worth $3,358,850,000 after buying an additional 872,919 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its position in shares of Arista Networks by 4,160.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after buying an additional 503,597 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Up 1.4 %

Shares of NYSE:ANET traded up $5.50 during midday trading on Friday, reaching $391.94. The company’s stock had a trading volume of 110,122 shares, compared to its average volume of 2,194,930. Arista Networks, Inc. has a 12-month low of $203.19 and a 12-month high of $422.73. The firm has a market capitalization of $123.13 billion, a P/E ratio of 50.12, a PEG ratio of 3.49 and a beta of 1.07. The firm has a 50 day moving average of $375.35 and a 200-day moving average of $337.82.

Arista Networks (NYSE:ANET) last announced its 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. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.41 earnings per share. On average, research analysts predict that Arista Networks, Inc. will post 7.42 EPS for the current year.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 1,592 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $349.55, for a total value of $556,483.60. Following the transaction, the senior vice president now owns 186,600 shares in the company, valued at $65,226,030. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, SVP Kenneth Duda sold 1,592 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $349.55, for a total transaction of $556,483.60. Following the completion of the sale, the senior vice president now owns 186,600 shares of the company’s stock, valued at $65,226,030. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Marc Taxay sold 4,497 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $336.32, for a total value of $1,512,431.04. The disclosure for this sale can be found here. Insiders sold a total of 54,522 shares of company stock valued at $20,099,338 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of research reports. Evercore ISI boosted their target price on shares of Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Piper Sandler increased their price target on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Jefferies Financial Group boosted their price objective on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Morgan Stanley lifted their price target on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Finally, Citigroup raised their price objective on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $373.88.

Arista Networks 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.