State of Alaska Department of Revenue Trims Position in Arista Networks, Inc. (NYSE:ANET)

State of Alaska Department of Revenue cut its position in Arista Networks, Inc. (NYSE:ANET) by 9.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,687 shares of the technology company’s stock after selling 5,105 shares during the period. State of Alaska Department of Revenue’s holdings in Arista Networks were worth $13,537,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of ANET. Vanguard Group Inc. lifted its position in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the last quarter. Capital World Investors increased its stake in Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after buying an additional 55,312 shares during the period. WCM Investment Management LLC increased its stake in Arista Networks by 0.5% in the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after buying an additional 16,081 shares during the period. Norges Bank purchased a new position in Arista Networks in the 4th quarter worth about $586,051,000. Finally, Jennison Associates LLC increased its stake in Arista Networks by 0.8% in the 4th quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock worth $425,683,000 after buying an additional 14,627 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of research reports. Bank of America raised their target price on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research report on Wednesday, May 8th. KeyCorp raised their target price on shares of Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Finally, Evercore ISI lifted their price objective on shares of Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research report on Monday, May 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $311.50.

Arista Networks Trading Up 2.4 %

Shares of NYSE ANET opened at $365.42 on Thursday. Arista Networks, Inc. has a 12 month low of $149.10 and a 12 month high of $365.42. The company has a 50 day simple moving average of $307.75 and a two-hundred day simple moving average of $281.44. The stock has a market cap of $114.51 billion, a price-to-earnings ratio of 50.89, a PEG ratio of 3.09 and a beta of 1.11.

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

Arista Networks announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the technology company to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the sale, the director now directly owns 2,976 shares of the company’s stock, valued at approximately $941,427.84. The disclosure for this sale can be found here. Insiders sold a total of 214,118 shares of company stock valued at $68,528,038 in the last three months. 3.54% of the stock is currently owned by corporate insiders.

About Arista Networks

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.