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

State of Alaska Department of Revenue lowered its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 3.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 120,891 shares of the technology company's stock after selling 4,096 shares during the period. State of Alaska Department of Revenue's holdings in Arista Networks were worth $9,366,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. DSG Capital Advisors LLC purchased a new position in Arista Networks during the 4th quarter worth $5,984,000. Ibex Wealth Advisors raised its holdings in Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock worth $4,501,000 after purchasing an additional 7,329 shares in the last quarter. GHE LLC lifted its position in Arista Networks by 319.0% in the fourth quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after purchasing an additional 21,597 shares during the period. Colonial River Investments LLC boosted its holdings in Arista Networks by 327.6% in the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after purchasing an additional 7,466 shares in the last quarter. Finally, Unified Investment Management acquired a new position in Arista Networks during the 4th quarter worth approximately $630,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insiders Place Their Bets

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares of the company's stock, valued at $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total transaction of $705,440.00. Following the sale, the director now directly owns 123,784 shares of the company's stock, valued at $10,915,273.12. This represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 105,690 shares of company stock valued at $9,360,205. Company insiders own 3.39% of the company's stock.

Arista Networks Stock Up 0.5%

ANET opened at $90.12 on Thursday. The firm has a market cap of $113.18 billion, a P/E ratio of 38.15, a PEG ratio of 2.63 and a beta of 1.37. The business's fifty day simple moving average is $86.89 and its 200 day simple moving average is $96.19. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period last year, the company earned $0.50 EPS. As a group, equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a share buyback plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

ANET has been the subject of several recent analyst reports. KGI Securities cut Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Redburn Atlantic assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target on the stock. Morgan Stanley raised their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, Needham & Company LLC began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating on the stock. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $107.38.

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.

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