Strs Ohio Has $22.54 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Strs Ohio reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 3.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,699 shares of the technology company’s stock after selling 3,604 shares during the quarter. Strs Ohio’s holdings in Arista Networks were worth $22,538,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ANET. Cibc World Market Inc. boosted its holdings in Arista Networks by 135.9% during the first quarter. Cibc World Market Inc. now owns 34,026 shares of the technology company’s stock worth $4,729,000 after purchasing an additional 19,602 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Arista Networks by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,261,171 shares of the technology company’s stock worth $175,274,000 after purchasing an additional 19,738 shares during the last quarter. Prudential PLC purchased a new position in Arista Networks during the first quarter worth about $676,000. Sequoia Financial Advisors LLC purchased a new position in Arista Networks during the first quarter worth about $224,000. Finally, Vanguard Group Inc. boosted its holdings in Arista Networks by 1.4% during the first quarter. Vanguard Group Inc. now owns 25,268,588 shares of the technology company’s stock worth $3,511,828,000 after purchasing an additional 353,253 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ANET. Barclays boosted their target price on shares of Arista Networks from $272.00 to $311.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. Melius Research raised shares of Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a research report on Monday, January 8th. The Goldman Sachs Group boosted their price target on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Oppenheimer reissued a “market perform” rating on shares of Arista Networks in a research report on Tuesday, February 13th. Finally, Evercore ISI reissued an “outperform” rating and issued a $300.00 price target on shares of Arista Networks in a research report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $275.59.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $263.20 on Tuesday. The company has a 50-day moving average of $281.58 and a 200 day moving average of $243.39. The firm has a market cap of $82.28 billion, a price-to-earnings ratio of 40.06, a PEG ratio of 2.34 and a beta of 1.09. Arista Networks, Inc. has a 1 year low of $131.68 and a 1 year high of $307.74.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. The business had revenue of $1.54 billion during 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%. Arista Networks’s revenue was up 20.8% compared to the same quarter last year. During the same period last year, the business earned $1.25 EPS. On average, equities analysts anticipate that Arista Networks, Inc. will post 6.63 EPS for the current year.

Insider Activity

In other news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $286.52, for a total transaction of $573,040.00. Following the sale, the director now owns 60,946 shares of the company’s stock, valued at approximately $17,462,247.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Arista Networks news, Director Yvonne Wassenaar sold 186 shares of Arista Networks stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $261.41, for a total transaction of $48,622.26. Following the transaction, the director now owns 2,678 shares of the company’s stock, valued at $700,055.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $286.52, for a total transaction of $573,040.00. Following the transaction, the director now directly owns 60,946 shares in the company, valued at approximately $17,462,247.92. The disclosure for this sale can be found here. Insiders have sold a total of 361,036 shares of company stock valued at $102,813,921 in the last 90 days. 18.99% of the stock is currently owned by insiders.

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.