California Public Employees Retirement System Sells 11,218 Shares of Arista Networks, Inc. (NYSE:ANET)

California Public Employees Retirement System trimmed its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 2.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 461,629 shares of the technology company’s stock after selling 11,218 shares during the quarter. California Public Employees Retirement System owned about 0.15% of Arista Networks worth $108,718,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Jennison Associates LLC lifted its position in shares of Arista Networks by 0.8% during the 4th quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock worth $425,683,000 after buying an additional 14,627 shares during the last quarter. OLD National Bancorp IN bought a new position in Arista Networks in the fourth quarter valued at about $235,000. Handelsbanken Fonder AB raised its position in Arista Networks by 49.0% in the fourth quarter. Handelsbanken Fonder AB now owns 131,959 shares of the technology company’s stock valued at $31,078,000 after purchasing an additional 43,410 shares during the last quarter. CWM LLC raised its position in Arista Networks by 12.6% in the fourth quarter. CWM LLC now owns 14,833 shares of the technology company’s stock valued at $3,493,000 after purchasing an additional 1,664 shares during the last quarter. Finally, Strata Wealth Advisors LLC bought a new position in Arista Networks in the fourth quarter valued at about $1,849,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $251.28 on Wednesday. Arista Networks, Inc. has a 52-week low of $131.68 and a 52-week high of $307.74. The business’s 50 day simple moving average is $279.29 and its two-hundred day simple moving average is $246.19. The firm has a market cap of $78.56 billion, a P/E ratio of 38.25, a PEG ratio of 2.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last posted its earnings results 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. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the company earned $1.25 earnings per share. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. On average, equities analysts forecast that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction on Friday, March 1st. The stock was sold at an average price of $286.52, for a total transaction of $573,040.00. Following the sale, the director now directly owns 60,946 shares in the company, valued at $17,462,247.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction on Friday, March 1st. The stock was sold at an average price of $286.52, for a total value of $573,040.00. Following the completion of the transaction, the director now directly owns 60,946 shares in the company, valued at $17,462,247.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 22,000 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $303.00, for a total value of $6,666,000.00. Following the transaction, the chief executive officer now owns 1,665,300 shares of the company’s stock, valued at $504,585,900. The disclosure for this sale can be found here. Over the last three months, insiders have sold 334,227 shares of company stock worth $95,828,875. 18.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ANET shares. Piper Sandler increased their target price on Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a research report on Tuesday, February 13th. JPMorgan Chase & Co. increased their price target on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. KeyCorp increased their price target on Arista Networks from $232.00 to $287.00 and gave the company an “overweight” rating in a research note on Thursday, January 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research note on Tuesday, February 13th. Finally, Rosenblatt Securities reaffirmed a “sell” rating and set a $210.00 target price on shares of Arista Networks in a research note on Friday, April 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.59.

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.