State Treasurer State of Michigan Decreases Stake in Arista Networks Inc (NYSE:ANET)

State Treasurer State of Michigan reduced its holdings in Arista Networks Inc (NYSE:ANET) by 15.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,700 shares of the technology company’s stock after selling 2,400 shares during the period. State Treasurer State of Michigan’s holdings in Arista Networks were worth $3,297,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the company. Valeo Financial Advisors LLC increased its position in shares of Arista Networks by 24.2% during the second quarter. Valeo Financial Advisors LLC now owns 190 shares of the technology company’s stock valued at $49,000 after acquiring an additional 37 shares during the last quarter. Cigna Investments Inc. New lifted its stake in Arista Networks by 2.4% in the first quarter. Cigna Investments Inc. New now owns 1,675 shares of the technology company’s stock worth $528,000 after acquiring an additional 40 shares during the last quarter. CENTRAL TRUST Co lifted its position in shares of Arista Networks by 42.6% during the 1st quarter. CENTRAL TRUST Co now owns 201 shares of the technology company’s stock worth $63,000 after buying an additional 60 shares during the last quarter. Montag & Caldwell LLC lifted its position in shares of Arista Networks by 4.5% during the 1st quarter. Montag & Caldwell LLC now owns 1,410 shares of the technology company’s stock worth $443,000 after buying an additional 61 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Arista Networks by 46.2% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 193 shares of the technology company’s stock worth $61,000 after buying an additional 61 shares during the last quarter. 57.66% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have recently commented on ANET shares. Credit Suisse Group lifted their target price on shares of Arista Networks from $317.00 to $347.00 and gave the company an “outperform” rating in a report on Thursday, April 25th. MKM Partners upped their price target on shares of Arista Networks to $295.00 and gave the stock a “neutral” rating in a research note on Monday, May 6th. ValuEngine cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Saturday, May 4th. Wolfe Research upgraded shares of Arista Networks from an “underperform” rating to a “peer perform” rating in a research report on Monday, May 6th. Finally, Macquarie set a $325.00 price objective on shares of Arista Networks and gave the stock a “buy” rating in a research report on Friday, May 3rd. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Arista Networks has an average rating of “Buy” and an average target price of $308.78.

In related news, SVP Marc Taxay sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $276.94, for a total transaction of $553,880.00. Following the completion of the sale, the senior vice president now owns 13,234 shares of the company’s stock, valued at approximately $3,665,023.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Anshul Sadana sold 8,325 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $280.96, for a total transaction of $2,338,992.00. Following the sale, the chief operating officer now directly owns 2,741 shares of the company’s stock, valued at approximately $770,111.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 201,304 shares of company stock valued at $51,325,365. Corporate insiders own 23.83% of the company’s stock.

Shares of NYSE ANET traded down $5.76 on Friday, reaching $228.73. 1,215,467 shares of the company traded hands, compared to its average volume of 935,108. Arista Networks Inc has a fifty-two week low of $187.08 and a fifty-two week high of $331.27. The firm’s 50 day moving average is $264.19. The company has a quick ratio of 5.17, a current ratio of 5.77 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $18.01 billion, a PE ratio of 32.35, a PEG ratio of 1.42 and a beta of 1.58.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, August 1st. The technology company reported $2.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.98 by $0.46. The firm had revenue of $608.32 million during the quarter, compared to the consensus estimate of $606.78 million. Arista Networks had a net margin of 30.86% and a return on equity of 28.76%. The company’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.93 EPS. As a group, analysts anticipate that Arista Networks Inc will post 8.67 earnings per share for the current year.

Arista Networks Company Profile

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