State of New Jersey Common Pension Fund D Sells 28,111 Shares of Arista Networks, Inc. $ANET

Key Points

• The State of New Jersey Common Pension Fund D decreased its stake in Arista Networks by 7.1%, selling 28,111 shares, and now holds a total of 365,457 shares valued at $28.3 million.
• Insider activities include CEO Jayshree Ullal selling 192,979 shares for approximately $26.95 million, indicating a 3.32% decrease in their ownership.
• Arista Networks reported earnings of $0.73 per share for its last quarter, surpassing analyst expectations, with a 30.4% year-over-year revenue increase.

State of New Jersey Common Pension Fund D lowered its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 365,457 shares of the technology company's stock after selling 28,111 shares during the period. State of New Jersey Common Pension Fund D's holdings in Arista Networks were worth $28,316,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ANET. Cresset Asset Management LLC boosted its position in Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares during the last quarter. Nuveen LLC purchased a new position in Arista Networks in the first quarter worth $933,626,000. Nuveen Asset Management LLC boosted its position in Arista Networks by 330.8% in the fourth quarter. Nuveen Asset Management LLC now owns 11,292,585 shares of the technology company's stock worth $1,248,169,000 after purchasing an additional 8,671,235 shares during the last quarter. Northern Trust Corp boosted its position in Arista Networks by 354.3% in the fourth quarter. Northern Trust Corp now owns 9,942,816 shares of the technology company's stock worth $1,098,979,000 after purchasing an additional 7,753,991 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Arista Networks by 278.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,641,326 shares of the technology company's stock valued at $955,126,000 after buying an additional 6,357,753 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Price Performance

NYSE ANET traded down $5.66 during trading on Tuesday, reaching $132.38. The company's stock had a trading volume of 6,857,473 shares, compared to its average volume of 10,535,771. The stock has a market capitalization of $166.38 billion, a PE ratio of 52.20, a P/E/G ratio of 3.23 and a beta of 1.37. The firm has a fifty day moving average of $110.80 and a 200 day moving average of $96.15. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $141.99.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.08. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.11 billion. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%.The company's quarterly revenue was up 30.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 EPS. Arista Networks has set its Q3 2025 guidance at EPS. Research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ANET. UBS Group upped their price target on Arista Networks from $115.00 to $155.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Redburn Atlantic began coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target on the stock. Wedbush began coverage on Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating on the stock. Citigroup upped their price target on Arista Networks from $123.00 to $136.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Erste Group Bank upgraded Arista Networks from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Fourteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $138.07.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 1,785,165 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $136.22, for a total transaction of $243,175,176.30. Following the transaction, the chief executive officer directly owned 5,698,074 shares in the company, valued at approximately $776,191,640.28. This represents a 23.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders sold 5,767,742 shares of company stock worth $714,048,068. 3.39% of the stock is currently owned by corporate insiders.

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.