State of Alaska Department of Revenue Has $9.79 Million Stake in Arista Networks, Inc. (NYSE:ANET)

State of Alaska Department of Revenue raised its stake in Arista Networks, Inc. (NYSE:ANETGet Rating) by 13.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 104,440 shares of the technology company’s stock after buying an additional 11,984 shares during the quarter. State of Alaska Department of Revenue’s holdings in Arista Networks were worth $9,788,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Park Avenue Securities LLC lifted its stake in Arista Networks by 9.6% in the first quarter. Park Avenue Securities LLC now owns 3,672 shares of the technology company’s stock valued at $510,000 after buying an additional 322 shares during the period. Prospera Financial Services Inc acquired a new stake in shares of Arista Networks during the first quarter worth about $101,000. Quadrant Capital Group LLC raised its position in shares of Arista Networks by 44.7% during the first quarter. Quadrant Capital Group LLC now owns 1,448 shares of the technology company’s stock worth $201,000 after purchasing an additional 447 shares during the period. Metropolitan Life Insurance Co NY raised its position in shares of Arista Networks by 296.5% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 35,533 shares of the technology company’s stock worth $5,108,000 after purchasing an additional 26,572 shares during the period. Finally, Mutual of America Capital Management LLC raised its position in shares of Arista Networks by 1.1% during the first quarter. Mutual of America Capital Management LLC now owns 29,939 shares of the technology company’s stock worth $4,161,000 after purchasing an additional 319 shares during the period. Institutional investors and hedge funds own 63.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Cowen raised their price target on Arista Networks from $154.00 to $163.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 2nd. Evercore ISI raised their price target on Arista Networks from $135.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 2nd. Citigroup raised their price target on Arista Networks from $160.00 to $170.00 and gave the stock a “buy” rating in a research report on Tuesday, August 2nd. Barclays decreased their price objective on Arista Networks from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Tuesday, August 2nd. Finally, Cowen increased their price objective on Arista Networks from $154.00 to $163.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $156.40.

Arista Networks Stock Down 1.0 %

ANET stock opened at $115.73 on Monday. The business has a 50 day moving average price of $117.54 and a two-hundred day moving average price of $114.71. The company has a market cap of $35.21 billion, a price-to-earnings ratio of 35.69, a P/E/G ratio of 1.76 and a beta of 1.33. Arista Networks, Inc. has a twelve month low of $85.18 and a twelve month high of $148.57.

Arista Networks (NYSE:ANETGet Rating) last issued its earnings results on Monday, August 1st. The technology company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.78 by $0.20. Arista Networks had a return on equity of 24.03% and a net margin of 29.55%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $979.66 million. During the same period in the previous year, the company posted $0.56 EPS. The firm’s revenue for the quarter was up 48.7% compared to the same quarter last year. On average, equities research analysts anticipate that Arista Networks, Inc. will post 3.53 EPS for the current fiscal year.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 6,660 shares of Arista Networks stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $92.70, for a total transaction of $617,382.00. Following the completion of the transaction, the director now directly owns 105,606 shares in the company, valued at approximately $9,789,676.20. 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 6,660 shares of Arista Networks stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $92.70, for a total transaction of $617,382.00. Following the completion of the transaction, the director now directly owns 105,606 shares in the company, valued at approximately $9,789,676.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 1,040 shares of Arista Networks stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $93.14, for a total value of $96,865.60. The disclosure for this sale can be found here. In the last three months, insiders sold 268,229 shares of company stock worth $32,746,091. 19.59% of the stock is owned by company insiders.

Arista Networks Company Profile

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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.

See Also

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

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