Texas Permanent School Fund Sells 538 Shares of Arista Networks Inc (NYSE:ANET)

Texas Permanent School Fund cut its position in Arista Networks Inc (NYSE:ANET) by 5.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,598 shares of the technology company’s stock after selling 538 shares during the quarter. Texas Permanent School Fund’s holdings in Arista Networks were worth $1,952,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Sigma Planning Corp increased its holdings in Arista Networks by 13.3% in the 4th quarter. Sigma Planning Corp now owns 1,363 shares of the technology company’s stock worth $277,000 after buying an additional 160 shares during the period. First Trust Advisors LP lifted its stake in Arista Networks by 12.4% during the fourth quarter. First Trust Advisors LP now owns 980,387 shares of the technology company’s stock worth $199,411,000 after purchasing an additional 107,988 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in Arista Networks by 1,615.4% during the fourth quarter. Quadrant Capital Group LLC now owns 223 shares of the technology company’s stock worth $44,000 after purchasing an additional 210 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in Arista Networks by 24,333.3% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 733 shares of the technology company’s stock worth $149,000 after purchasing an additional 730 shares during the last quarter. Finally, LS Investment Advisors LLC lifted its stake in Arista Networks by 17.2% during the fourth quarter. LS Investment Advisors LLC now owns 1,995 shares of the technology company’s stock worth $406,000 after purchasing an additional 293 shares during the last quarter. Institutional investors and hedge funds own 59.60% of the company’s stock.

Several equities research analysts recently weighed in on ANET shares. Nomura decreased their target price on Arista Networks from $230.00 to $190.00 and set a “neutral” rating for the company in a research note on Friday, November 1st. Stifel Nicolaus lowered Arista Networks from a “buy” rating to a “hold” rating and dropped their target price for the company from $287.00 to $193.00 in a report on Friday, November 1st. MKM Partners boosted their target price on Arista Networks from $210.00 to $230.00 and gave the company a “neutral” rating in a report on Friday. Wolfe Research dropped their target price on Arista Networks from $270.00 to $200.00 and set a “peer perform” rating on the stock in a report on Friday, November 1st. Finally, Goldman Sachs Group lowered Arista Networks from a “conviction-buy” rating to a “buy” rating and dropped their target price for the company from $290.00 to $245.00 in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. Arista Networks presently has a consensus rating of “Hold” and a consensus target price of $230.08.

In related news, Director Daniel Scheinman sold 9,333 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $220.06, for a total value of $2,053,819.98. Following the completion of the transaction, the director now directly owns 15,606 shares in the company, valued at $3,434,256.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 10,876 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $232.37, for a total value of $2,527,256.12. Following the completion of the transaction, the senior vice president now owns 3,987 shares of the company’s stock, valued at $926,459.19. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,648 shares of company stock worth $10,645,433. 23.83% of the stock is owned by company insiders.

Shares of Arista Networks stock traded down $14.61 during trading on Friday, reaching $223.01. The company’s stock had a trading volume of 64,746 shares, compared to its average volume of 716,957. The company has a quick ratio of 5.47, a current ratio of 5.91 and a debt-to-equity ratio of 0.03. Arista Networks Inc has a 12-month low of $173.31 and a 12-month high of $331.27. The company has a market capitalization of $17.76 billion, a P/E ratio of 23.56, a price-to-earnings-growth ratio of 1.96 and a beta of 1.52. The business has a 50 day moving average price of $219.42 and a 200-day moving average price of $221.05.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, February 13th. The technology company reported $2.29 EPS for the quarter, topping the Zacks’ consensus estimate of $1.83 by $0.46. The company had revenue of $552.55 million for the quarter, compared to the consensus estimate of $550.63 million. Arista Networks had a return on equity of 28.94% and a net margin of 32.68%. During the same period in the previous year, the business earned $2.25 earnings per share. Research analysts predict that Arista Networks Inc will post 8.56 EPS for the current fiscal year.

About Arista Networks

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.

See Also: What is an overbought condition?

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks Inc (NYSE:ANET).

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

Receive News & Ratings for Arista Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks and related companies with MarketBeat.com's FREE daily email newsletter.