Maryland State Retirement & Pension System Raises Holdings in Arista Networks, Inc. (NYSE:ANET)

Maryland State Retirement & Pension System increased its position in Arista Networks, Inc. (NYSE:ANET) by 1.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,516 shares of the technology company’s stock after buying an additional 366 shares during the period. Maryland State Retirement & Pension System’s holdings in Arista Networks were worth $4,596,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ANET. FMR LLC grew its stake in shares of Arista Networks by 32.2% in the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after buying an additional 2,515,864 shares in the last quarter. Schroder Investment Management Group lifted its position in shares of Arista Networks by 439.3% during the third quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock worth $231,624,000 after purchasing an additional 1,025,815 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Arista Networks by 25,188.0% during the fourth quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock valued at $1,445,420,000 after purchasing an additional 611,312 shares during the period. Assenagon Asset Management S.A. increased its stake in Arista Networks by 294.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 745,634 shares of the technology company’s stock worth $175,604,000 after buying an additional 556,568 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings in Arista Networks by 122.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 826,160 shares of the technology company’s stock valued at $151,956,000 after buying an additional 454,146 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ANET. Oppenheimer reiterated a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. Piper Sandler increased their price objective on shares of Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a research note on Tuesday, February 13th. Melius upgraded Arista Networks from a “hold” rating to a “buy” rating in a report on Monday, January 8th. JPMorgan Chase & Co. boosted their price target on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Finally, The Goldman Sachs Group raised their price objective on Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $285.53.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 22,000 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $303.00, for a total transaction of $6,666,000.00. Following the sale, the chief executive officer now directly owns 1,665,300 shares of the company’s stock, valued at approximately $504,585,900. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider John F. Mccool sold 420 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $266.08, for a total value of $111,753.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 22,000 shares of Arista Networks stock in a transaction on 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 directly owns 1,665,300 shares of the company’s stock, valued at $504,585,900. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 337,474 shares of company stock valued at $96,640,840. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Trading Down 1.1 %

NYSE:ANET traded down $3.05 during trading hours on Tuesday, hitting $275.77. The company had a trading volume of 2,505,652 shares, compared to its average volume of 2,448,077. Arista Networks, Inc. has a 1 year low of $133.42 and a 1 year high of $307.74. The company has a market cap of $86.21 billion, a P/E ratio of 41.84, a P/E/G ratio of 2.33 and a beta of 1.13. The company has a 50-day moving average of $279.18 and a 200 day moving average of $250.63.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, topping the consensus estimate of $1.70 by $0.38. The firm had revenue of $1.54 billion for 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%. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 EPS. On average, analysts forecast that Arista Networks, Inc. will post 6.74 earnings per share for the current year.

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.