California State Teachers Retirement System Sells 5,267 Shares of Arista Networks, Inc. (NYSE:ANET)

California State Teachers Retirement System lessened its position in shares of Arista Networks, Inc. (NYSE:ANET – Get Rating) by 1.3% in the third quarter, HoldingsChannel.com reports. The fund owned 405,401 shares of the technology company’s stock after selling 5,267 shares during the period. California State Teachers Retirement System’s holdings in Arista Networks were worth $45,766,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Arista Networks by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,507,053 shares of the technology company’s stock worth $2,992,380,000 after acquiring an additional 770,172 shares during the period. BlackRock Inc. increased its position in Arista Networks by 4.3% in the 3rd quarter. BlackRock Inc. now owns 18,454,815 shares of the technology company’s stock valued at $2,083,367,000 after acquiring an additional 755,445 shares during the period. Alliancebernstein L.P. increased its position in Arista Networks by 0.3% in the 3rd quarter. Alliancebernstein L.P. now owns 10,585,948 shares of the technology company’s stock valued at $1,195,048,000 after acquiring an additional 32,867 shares during the period. State Street Corp boosted its stake in shares of Arista Networks by 8.1% in the 3rd quarter. State Street Corp now owns 9,362,850 shares of the technology company’s stock valued at $1,056,972,000 after purchasing an additional 700,606 shares during the last quarter. Finally, Artisan Partners Limited Partnership boosted its stake in shares of Arista Networks by 1.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 5,826,032 shares of the technology company’s stock valued at $657,701,000 after purchasing an additional 101,128 shares during the last quarter. Institutional investors own 64.30% of the company’s stock.

Insider Activity

In other news, SVP Marc Taxay sold 1,040 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $122.91, for a total value of $127,826.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider John F. Mccool sold 996 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $122.91, for a total transaction of $122,418.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marc Taxay sold 1,040 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $122.91, for a total transaction of $127,826.40. The disclosure for this sale can be found here. Insiders sold a total of 293,687 shares of company stock worth $42,260,466 over the last quarter. Insiders own 19.59% of the company’s stock.

Arista Networks Trading Up 0.4 %

Arista Networks stock opened at $163.26 on Friday. Arista Networks, Inc. has a 1-year low of $89.11 and a 1-year high of $164.26. The firm has a market capitalization of $50.02 billion, a price-to-earnings ratio of 38.23, a price-to-earnings-growth ratio of 2.10 and a beta of 1.24. The firm’s fifty day moving average price is $133.22 and its two-hundred day moving average price is $125.41.

Arista Networks (NYSE:ANET – Get Rating) last announced its earnings results on Monday, February 13th. The technology company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.21 by $0.20. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.20 billion. Arista Networks had a net margin of 30.87% and a return on equity of 30.00%. The firm’s revenue for the quarter was up 54.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 earnings per share. On average, research analysts forecast that Arista Networks, Inc. will post 5.16 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on ANET. Loop Capital upped their price objective on shares of Arista Networks from $181.00 to $188.00 and gave the company a “buy” rating in a research note on Tuesday, February 14th. The Goldman Sachs Group assumed coverage on shares of Arista Networks in a research note on Monday, March 6th. They set a “buy” rating on the stock. Wells Fargo & Company increased their target price on shares of Arista Networks from $160.00 to $170.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 14th. Needham & Company LLC increased their target price on shares of Arista Networks from $155.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, February 14th. Finally, Cowen increased their target price on shares of Arista Networks from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 14th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $173.89.

Arista Networks Profile

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Arista Networks, Inc engages in the business of developing, marketing, and selling cloud networking solutions. The firm is also involved in switching and routing platforms and related network applications. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in November 2004 and is headquartered in Santa Clara, CA.