State of Tennessee Treasury Department Has $30.04 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

State of Tennessee Treasury Department boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANETFree Report) by 98.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 127,531 shares of the technology company’s stock after buying an additional 63,183 shares during the quarter. State of Tennessee Treasury Department’s holdings in Arista Networks were worth $30,035,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of ANET. Vanguard Group Inc. grew its position in shares of Arista Networks by 0.3% in the third quarter. Vanguard Group Inc. now owns 27,898,836 shares of the technology company’s stock valued at $5,131,433,000 after purchasing an additional 84,212 shares during the last quarter. FMR LLC grew its position in shares of Arista Networks by 32.2% in the third quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock valued at $1,897,906,000 after purchasing an additional 2,515,864 shares during the last quarter. Capital World Investors grew its position in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after purchasing an additional 55,312 shares during the last quarter. WCM Investment Management LLC grew its position in shares of Arista Networks by 0.5% in the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after purchasing an additional 16,081 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Arista Networks in the fourth quarter valued at approximately $586,051,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $293.14, for a total transaction of $243,892.48. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,183,008.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Marc Taxay sold 4,493 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $295.47, for a total value of $1,327,546.71. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $293.14, for a total value of $243,892.48. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,183,008.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 387,368 shares of company stock worth $114,345,043. Insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 0.3 %

ANET stock opened at $297.75 on Tuesday. The stock has a 50-day moving average price of $288.26 and a 200-day moving average price of $268.49. Arista Networks, Inc. has a 1-year low of $148.32 and a 1-year high of $329.04. The firm has a market cap of $93.30 billion, a PE ratio of 41.47, a price-to-earnings-growth ratio of 2.69 and a beta of 1.08.

Arista Networks (NYSE:ANETGet Free Report) last issued its earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. On average, analysts forecast that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

Arista Networks declared that its board has approved a stock repurchase plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

ANET has been the topic of several research reports. KeyCorp upped their target price on Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. boosted 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. Barclays boosted their price target on Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. UBS Group boosted their price target on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Finally, The Goldman Sachs Group boosted their price target on Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and a consensus price target of $295.22.

Get Our Latest Stock Analysis on ANET

Arista Networks Profile

(Free Report)

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.

Further Reading

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:ANETFree Report).

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.