Arista Networks, Inc. (NYSE:ANET) Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue lifted its holdings in Arista Networks, Inc. (NYSE:ANET) by 214.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 124,987 shares of the technology company’s stock after purchasing an additional 85,225 shares during the period. State of Alaska Department of Revenue’s holdings in Arista Networks were worth $13,814,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Caitlin John LLC increased its holdings in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after buying an additional 152 shares in the last quarter. Bleakley Financial Group LLC raised its position in shares of Arista Networks by 285.3% during the fourth quarter. Bleakley Financial Group LLC now owns 24,761 shares of the technology company’s stock worth $2,737,000 after purchasing an additional 18,335 shares during the period. Trilogy Capital Inc. lifted its holdings in shares of Arista Networks by 371.8% during the fourth quarter. Trilogy Capital Inc. now owns 22,546 shares of the technology company’s stock valued at $2,492,000 after purchasing an additional 17,767 shares during the last quarter. Robertson Stephens Wealth Management LLC boosted its position in shares of Arista Networks by 305.4% in the 4th quarter. Robertson Stephens Wealth Management LLC now owns 11,188 shares of the technology company’s stock valued at $1,237,000 after purchasing an additional 8,428 shares during the period. Finally, Meadow Creek Wealth Advisors LLC purchased a new position in Arista Networks in the 4th quarter worth about $207,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

Shares of ANET stock opened at $115.43 on Thursday. The company has a market capitalization of $145.41 billion, a price-to-earnings ratio of 55.49, a PEG ratio of 3.10 and a beta of 1.09. The stock’s 50 day simple moving average is $112.28 and its 200 day simple moving average is $99.36. Arista Networks, Inc. has a twelve month low of $60.08 and a twelve month high of $133.57.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. Arista Networks’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 earnings per share. On average, analysts forecast that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Analysts Set New Price Targets

ANET has been the subject of several recent analyst reports. Morgan Stanley raised their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. UBS Group upped their price target on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research report on Friday, November 8th. Wells Fargo & Company raised their price objective on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Barclays dropped their target price on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a report on Wednesday, December 4th. Finally, StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $105.83.

Insider Transactions at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. The trade was a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total transaction of $896,160.00. Following the completion of the sale, the director now directly owns 155,784 shares of the company’s stock, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 255,832 shares of company stock worth $28,538,497. Company insiders own 3.54% of the company’s stock.

Arista Networks Company 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.