New York State Teachers Retirement System Has $65.67 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

New York State Teachers Retirement System trimmed its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 4.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 847,582 shares of the technology company's stock after selling 39,867 shares during the period. New York State Teachers Retirement System owned approximately 0.07% of Arista Networks worth $65,671,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in ANET. Weaver Capital Management LLC raised its stake in shares of Arista Networks by 0.8% in the 1st quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock worth $1,662,000 after buying an additional 162 shares in the last quarter. First American Bank grew its holdings in Arista Networks by 1.1% during the first quarter. First American Bank now owns 14,478 shares of the technology company's stock worth $1,122,000 after acquiring an additional 164 shares during the period. ORG Partners LLC raised its position in Arista Networks by 43.8% in the first quarter. ORG Partners LLC now owns 575 shares of the technology company's stock worth $45,000 after acquiring an additional 175 shares in the last quarter. RMR Wealth Builders lifted its holdings in Arista Networks by 0.6% in the 1st quarter. RMR Wealth Builders now owns 30,642 shares of the technology company's stock valued at $2,374,000 after acquiring an additional 180 shares during the last quarter. Finally, Fragasso Financial Advisors Inc boosted its position in shares of Arista Networks by 4.4% during the 1st quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company's stock valued at $360,000 after purchasing an additional 196 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of NYSE ANET traded up $2.16 during mid-day trading on Wednesday, reaching $101.07. The company had a trading volume of 8,322,942 shares, compared to its average volume of 9,103,713. The company has a market capitalization of $126.94 billion, a price-to-earnings ratio of 42.78, a PEG ratio of 2.88 and a beta of 1.40. The stock has a fifty day moving average of $91.29 and a two-hundred day moving average of $95.46. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58.

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

Arista Networks announced that its board has approved a stock buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently commented on ANET shares. Citigroup boosted their target price on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Morgan Stanley increased their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Piper Sandler restated a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. JPMorgan Chase & Co. cut their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $109.33.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer owned 30,000 shares of the company's stock, valued at approximately $3,072,900. The trade was a 96.15% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 26,000 shares of the stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,397,980.00. Following the completion of the transaction, the senior vice president owned 592,400 shares in the company, valued at $54,637,052. This represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,115,400 shares of company stock worth $112,364,640. Corporate insiders own 3.39% 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.