Arizona State Retirement System Invests $3.40 Million in Arista Networks Inc (ANET) Stock

Arizona State Retirement System bought a new stake in Arista Networks Inc (NYSE:ANET) during the 3rd quarter, Holdings Channel reports. The firm bought 12,796 shares of the technology company’s stock, valued at approximately $3,402,000.

Other large investors have also recently bought and sold shares of the company. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in shares of Arista Networks in the 2nd quarter valued at approximately $129,000. Signet Financial Management LLC purchased a new stake in shares of Arista Networks in the 2nd quarter valued at approximately $142,000. NewSquare Capital LLC purchased a new stake in shares of Arista Networks in the 2nd quarter valued at approximately $181,000. Foundry Partners LLC purchased a new stake in shares of Arista Networks in the 3rd quarter valued at approximately $200,000. Finally, Hartford Investment Management Co. purchased a new stake in shares of Arista Networks in the 2nd quarter valued at approximately $204,000. Institutional investors own 54.32% of the company’s stock.

In other Arista Networks news, Director Nikos Theodosopoulos sold 110 shares of the stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $273.27, for a total value of $30,059.70. Following the sale, the director now directly owns 2,073 shares of the company’s stock, valued at approximately $566,488.71. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 11,000 shares of the stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $229.24, for a total transaction of $2,521,640.00. Following the completion of the sale, the senior vice president now directly owns 2,664 shares in the company, valued at $610,695.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 203,820 shares of company stock worth $60,871,675. Insiders own 24.95% of the company’s stock.

Shares of ANET opened at $244.43 on Friday. Arista Networks Inc has a fifty-two week low of $206.86 and a fifty-two week high of $313.37. The company has a market cap of $18.49 billion, a P/E ratio of 52.57, a price-to-earnings-growth ratio of 1.70 and a beta of 1.56. The company has a current ratio of 4.51, a quick ratio of 4.11 and a debt-to-equity ratio of 0.02.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, November 1st. The technology company reported $1.83 EPS for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.21. Arista Networks had a net margin of 28.05% and a return on equity of 29.06%. The company had revenue of $563.31 million for the quarter, compared to the consensus estimate of $548.81 million. During the same period in the prior year, the firm posted $1.62 EPS. The company’s quarterly revenue was up 28.7% compared to the same quarter last year. On average, research analysts forecast that Arista Networks Inc will post 6.77 earnings per share for the current fiscal year.

A number of equities research analysts have recently issued reports on ANET shares. Deutsche Bank reissued a “sell” rating and issued a $180.00 price target on shares of Arista Networks in a research note on Monday, September 10th. William Blair reissued an “outperform” rating on shares of Arista Networks in a research note on Monday, September 17th. Goldman Sachs Group downgraded shares of Arista Networks from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, October 4th. Morgan Stanley downgraded shares of Arista Networks from an “overweight” rating to an “equal weight” rating and set a $310.00 price target on the stock. in a research note on Tuesday, September 4th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Arista Networks from $282.00 to $287.00 and gave the company a “hold” rating in a research note on Monday, July 23rd. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $291.83.

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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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